Cairo – Mubasher: The board of landline monopoly Telecom Egypt (TE) decided to replace the company’s CEO, Mohamed El-Nawawy, a source told Mubasher.

The company’s stock was halted from trading on Wednesday untill the local bourse receives a statement about the board reshuffle.

Earlier today, TE said that its board will consider a proposal made by the executive management to repurchase shares, after the stock’s market price fell below its par value.

The company’s stock currently trades at EGP 9, down from its par value of EGP 10.

Owned liquidity is currently at strong levels, and thus can be used for the best interests of shareholders through the stock buyback, according to the company.

The fixed line operator earlier posted a 10% rise in consolidated net profits for the first quarter of 2015 to around EGP 605.6 million, up from EGP 550 million in the same period a year earlier.