Cairo – Mubasher: Orange Egypt for Telecommunications on Sunday said that the Economic Court has dismissed its appeal against Telecom Egypt (TE).

Under the decision, Orange Egypt will pay EGP 49 million to TE.

In January, the Economic Court issued a provision stating that Orange Egypt must pay EGP 49 million as compensation to TE for connecting calls abroad, which prompted TE to incur losses.

The lawsuit filed by TE indicated that Orange had installed a large number of unlicensed devices in order to pass the international calls.

In order to connect international calls, Orange relies on TE’s networks and pays fees in order to use them.

Last week, Orange Egypt reported a surge in losses by 3,707% year-on-year in the second quarter of 2017 to EGP 803 million from EGP 21.09 million in the corresponding period of 2016.

Similarly, the company incurred EGP 1.103 billion in losses in the first six months of 2017, up 3,205% year-on-year from EGP 33.39 million in the year-ago period.

By 12:46 pm Cairo time, Orange’s stock shed 0.22% to EGP 110.80, while TE’s stock lost 0.18% to EGP 10.87.