Friday, June 19, 2009

Telecom Egypt's CFO Quits

Telecom Egypt, the landline monopoly and major shareholder in Vodafone
Egypt, has announced that its Chief Financial Officer, Tarek Tantawy
is to resign to pursue another career opportunity. No replacement has
been named yet.

Since joining Telecom Egypt, Tarek was a key player in several
landmark transactions that were done by the company including listing
the company on the Egyptian and London Stock Exchanges in one of the
largest international equity offerings out of the Middle East ,
acquisition of a 45% shareholding stake in Vodafone Egypt and issuing
Egypt's largest ever corporate bond.

Commenting on Tarek's departure, Mr. Akil Beshir Chairman & CEO of
Telecom Egypt said "During his seven years with Telecom Egypt, Tarek
has made a significant impact on the company. His hard work and
dedication has been instrumental in establishing a corporate culture
of transparency and openness, which has garnered us respect from
investors both at home and abroad. I would like to express my
appreciation to Tarek's achievements with the company and we wish him
well in the future and look forward to announcing a replacement in due

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