Cairo – Mubasher: Orange Egypt for Telecommunications will pay EGP 72 million to settle its international arbitration with Telecom Egypt (TE).

The board of Orange Egypt has agreed on signing a settlement agreement in November to resolve all of the local and international connection services and infrastructure between both parties, the company highlighted in a statement to the Egyptian Exchange (EGX) on Wednesday.

The telecom firm noted that the settlement period lasted from August 2008 to October 2017, adding that this agreement does not have any negative impact on the firm’s financials.

Orange Egypt’s board has assigned CEO Jean-Marc Harion to sign the settlement agreement with TE.

In January 2017, Cairo Economic Court compelled Orange to pay EGP 49 million for TE as a compensation for passing international tariffs.