Orange Egypt anticipates decrease in loses during next year
Company signed partnership agreement with HuaweiTechnology
Orange Egypt for telecommunication predicts low losses this year, and shift towards profitability.
The company has incurred losses that reached EGP 234.9bn from January 2018 till September of the same year, compared to losses that reached EGP 1.7bn during the last year.
“The activity of the company has grown through the third quarter of the running year, compared to the same quarter last year.” said the managing director and CEO,Yasser Shaker.
He also predicted that there will be no losses beginning from the next year, supported by the investments pumped into the company, in addition to solutions and activities provided by the Orange.
Shaker declared that the company’s investments in developing the company will reach EGP 4bn by the end of 2018.
Notably the enrolment committee of the Egyptian stock market(EGX), has decided to cancel the final enrolment of Orange Egypt’s shares in the market, with a capital that reached EGP 16.3bn.
He stressed on that Orange did not want to enrol out of the EGX, but after the company raised its capital by EGP 15bn last December, the traded shares decreased to 1 %, which does not go with the listing rules in the EGX, which requires that the traded stock shares must be at least 5%.
“The company preferred the option of being written off to secure the rights of the small investors,” Shaker stated.
Noteworthy, Orange Egypt signed a partnership agreement with Huawei Technology, the leader in technological solutions and services,to allow the rental of cloud infrastructure services known as Cloud Iaas for the very first time in Egypt.