Cairo – Mubasher: Orange Egypt for Telecommunications is considering floating a stake on the Egyptian Exchange (EGX) again, the company’s CEO and managing director said.

The telecom Egyptian subsidiary of France-based Orange has invested around EGP 4 billion to improve its network in 2018, in addition to EGP 1.5 billion for maintenance, Reuters reported, citing Yassir Shaker.

The company also aims to invest around EGP 3.8 billion into its network this year, along with allocating EGP 1.5 billion for maintenance, Yassir added.

The Egyptian unit of the French telecom group is expected to turn profitable as of the first quarter of 2019 until it posts annual financial results, he indicated.

Orange will conduct a study to float a stake on the EGX again, the CEO noted.

In November, the EGX’s listing committee had approved finally writing off Orange Egypt's shares of EGP 16.3 billion in capital from the Egyptian bourse.