The General Assembly of Telecom Egypt (TE) announced the names of the new members of the Board of Directors, which included Tamer Gadalla, executive vice president and CEO of TE Data.
It also included Maged Osman, former minister of communications and information technology and head of Baseera Centre, who was recently appointed as a member of the Orange Board of Directors.
Osman submitted his resignation to Orange the day after accepting his position as member of the Board of Directors at TE Data. It is possible that he will be appointed as board chairman.
In addition to appointing Eskandar Tooma, Hany Seif El Nasr, and Muhammad Abdul Latif, Ahmed Gamal Abu Ali, Loubna Hilal, Ahmed Mohamed Hamdy, Mohamed Hassan Shamrokh, and Ashraf Faried.
A new board meeting will be held Thursday to select the chief executive of the company, which will be held by the interim council headed by Walid Gad. The meeting will approve the disbursal of EGP 2bn of the company’s cash reserves as employees dues estimated at 12 months.
During the company’s general assembly meeting, Gad revealed that the company’s profit at Vodafone Egypt will be disbursed in two instalments, in April and June. TE owns about 45% of the shares of Vodafone Egypt.
The assembly meeting was postponed three times in a row, due to the pressure of the employees to receive their dues from the company. TE obtained an advisory opinion from the State Council in February 2015 to not pay its employees the maximum wage rate.