Telecom Egypt awarded unified licence

Fixed-line monopoly Telecom Egypt finally received a unified landline and mobile licence from government on Thursday.

Subsequently, shares in the company were up in early trade after the announcement.

Earlier this year, Reuters reported that Telecom Egypt was asked to pay 2.5 billion Egyptian pounds ($360 million) for the mobile licence.

The country's three existing mobile phone service providers are Vodafone Egypt , Mobinil and Etisalat Egypt.

Egypt's Ministry of Communications and IT said last year that the country has 92 million mobile subscribers.