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Credit Suisse ups Telecom Egypt target
Credit Suisse has raised its price target on Telecom Egypt to EGP20 from EGP18, saying strongerـthanـexpected revenues and earnings before interest, tax, depreciation and amortization margins reported by the firm for this year so far were sustainable, Reuters has reported. 'We think Telecom Egypt's financial performance in 2009 is close to its estimated 2010 peak on our forecasts,' the bank has said.
Omantel: VoIP in six months
Omantel will launch Voice over Internet Protocol (VoIP) in the country within six months, the Oman Observer has reported. 'Our hope is to introduce the service as soon as possible. We need to resolve some commercial issues before VoIP becomes available,' Omantel's VP, Consumers Unit, Rao K. Chagarlamudi has said. VoIP will enable the delivery of voice, fax and other voice-messaging applications via the internet, rather than the public switched telephone network.
Vavasi, Malaysian group to buy Zain stake
A consortium of Indian telecom companies and a Malaysian investor will buy a 46% stake in Kuwaiti telecom Zain, Reuters has reported. The consortium is made up of India's Vavasi Group, regional telecom companies Bharat Sanchar Nigam and Mahanagar Telephone Nigam, and Malaysian billionaire Syed Mokhtar al-Bukhary. The deal will take four months to complete, according to Kharafi VP Bard al-Kharafi.
Egypt to put second fixed-line award on hold
Egypt has no plans to award a second fixed-line phone license in the near future, the state-run Middle East News Agency reported, citing Communications Minister Tarek Kamel. The government cited the telecommunications market dynamics and the 'convergence' between fixed and mobile phone services among reasons for its decision. The move leaves the monopoly position of state-owned Telecom Egypt, the Middle East's biggest fixed-line operator, intact.
Vodafone Egypt inks gateway contract with TE
Egypt's Ministry of Communications has said that Vodafone Egypt has signed a new three-year contract to use Telecom Egypt's international gateway for its overseas traffic, Reuters has said. Fixed line monopoly Telecom Egypt, which owns a 45% stake in Vodafone Egypt, is expected to earn EGP4bn from the agreement, the ministry said.
Zain to sell 46% stake, says report
Zain's shareholders have reached a preliminary agreement with Gulf and Asian investors to sell 46% of their stake, according to Al-Rai newspaper. If the deal goes through it would be worth $15bn, the paper reported. The Kuwaiti investors are led by Al-Khorafi group, which holds 11% of Zain and whose capitalisation stands at $23.2bn.
Iran to float tender for third mobile operator
Iran's newly appointed Minister of Communications and Information Technology has said that the ministry will float again the third mobile operator tender, according to Iran's Mehr news agency. Iran's previous tender had attracted foreign companies including Russia's MegaFon, UAE's Etisalat and Kuwait's Zain, who had been announced as winners in different periods, but have backed away from obligations having reviewed the tender terms, according to the news agency.
Batelco eyes investment in North Africa
Peter Kaliaropoulos, chief executive of Bahrain Telecommunications (Batelco) has said the company is looking for acquisition opportunities in North Africa and the Middle East of up to $2bn, Reuters has reported. Although a combination of debt and equity will be funding the acquisition, 'it is far too early to announce any specific targets and the funding arrangements', he said.
STC to sell Android HTC phones
Saudi Arabian teleco STC has signed an agreement with Taiwan-based mobile phone manufacturer HTC to sell Android-powered phones in the kingdom. Once the HTC Magic goes on sale, STC will the first operator in the region to provide Android-powered handsets to customers.
Viva increases internet speed
Kuwait telecoms company, Viva has announced it is set to launch its latest high-speed internet service reacing 21.6MBPS. This speed has been registered in 60 locations across Kuwait while other test users registered 14.4 MBPS in other locations. Viva said it has finished conducting essential network development to enable users to enjoy a speed ranging from 14.4 to 21.6 MBPS by Sunday.
Etisalat still interested in Morocco
Etisalat has said it continues to be interested in Morocco's telecoms sector, despite having lost a bid to take a stake in Meditel. "We are monitoring closely and we still think that Morocco is a good market," Ahmed Bin Ali, Etisalat's spokesman told Reuters. "It depends on what new is coming up and it does not only include Meditel but any other opportunity."
Nokia signs Facebook deal
Nokia has announced a deal with Facebook that will allow people to update their location and status directly to the social networking site, via a Nokia Ovi account. The first phone to support the service will be the N97 mini, which will start shipping in October, the company said.
Vodafone Qatar offers mobile Internet package
Vodafone Qatar has officially launched its mobile Internet services, which include access to Google, Facebook, mobile e-mail, and Al Jazeera news in English and Arabic. Vodafone is offering 300MB worth of free mobile Internet space to its customers under a special promotion that will be valid until the end of September.
Vodafone Qatar outlets to sell iPhones
Vodafone Qatar has announced that it will be selling the iPhone at its retail stores from yesterday, becoming the first retailer in the country to offer the popular device, The Peninsula has reported. An official spokesman said a limited number of iPhones will offered by the stores.
Zain drops ownership restrictions
Kuwait-based Zain has said its shareholders have approved removing ownership restrictions from its statutes, paving the way for a foreign or local investor to own a majority, Bloomberg has reported. Shareholders have agreed to cancel articles which limited individual ownership to 2% of the company's capital and restricted public shareholding companies to holding no more than 5%.
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