Etisalat Misr considers capital increase to fund capex amid high interest rates, says MNOs weren’t down with the scratch card price hike: Etisalat Misr is considering a capital increase in the next 3-6 months, said the company’s CEO Hazem Metwally. The move is one of many Etisalat is exploring to bolster its ability to invest and fund capex in a high interest rate environment, he added at a statement to the press at the Dubai GITEX Tech Week. Metwally said that the company’s bottom line has been hurt by the interest rate hikes as well as fallout from reforms including the EGP float and fuel and electricity subsidy cuts. Metwally criticized the National Telecommunications Regulatory Authority’s decision to up prices on phone scratch cards 36%, lending his voice to those of Vodafone Egypt executives in claiming the move was opposed by MNOs, according to Al Mal. Separately, Etisalat Misr signed a four-year contract with Ericsson to modernize and expand its core network and business support systems, Ericsson announced. The agreement will help Etisalat “capitalize on the growth in 4G and pave the way for 5G and Internet of Things,” said Metwally.

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