Shake up at Telecom Egypt: Telecom Egypt has appointed Ahmed El Beheiry as its new CEO, the state-owned landline monopoly announced in a regulatory disclosure. El Beheiry succeeds Tamer Gadalla, who was the subject of rumors surrounding his future in the company circulating earlier this week. The board of directors also announced adding Mohamed Barakat and Amr Mansour as the government’s representatives on the board replacing Lobna Helal and Gadalla. The appointments are for the remaining duration of the current board of directors’ term.

In other Telecom Egypt news, the Administrative Court has handed down a ruling against a lawsuit calling for the reversal of TE’s 2005 initial public offering, AMAY says. TE’s shares advanced 0.52% on the news

Separately, Cairo Metro company spokesperson denied chairman Ali Fadaly has submitted his resignation, Al Mal reports.

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