TE to settle with Etisalat, Orange for EGP 1.2 bn

Telecom Egypt (TE) will pay EGP 1.2 bn to Etisalat Misr and Orange Egypt to settle past and long-standing disputes which had gone through arbitration proceedings, the company said in its general assembly minutes (pdf). TE will pay Etisalat the lion’s share of EGP 924 mn over TE withholding payments for using Etisalat’s network to run international calls. TE will pay Orange EGP 250 mn over a dispute over utilization fees.