Telecom Egypt raises dividend payment for FY2015 to EGP0.75/share; plans to sell its Nokia Egypt stake
Telecom Egypt (TE) [ETEL.CA] announced last week that its board of directors has recommended an increase in the announced DPS from EGP0.45 to EGP0.75. This increase implies a dividend yield of 10.5% and a dividend payout ratio of 43%. In other news, TE is looking into divesting its 10% stake in Nokia Egypt. The sale is expected to fetch TE USD1.5 million (EGP11.8 million). (Company disclosure, Reuters) Telecom Egypt: EGP7.12 as of 10 March 2016, Rating: Buy, FV: EGP12.21 per share, MCap: USD1,552 million, ETEL EY / ETEL.CA
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