The inaugural shareholders' meeting is scheduled to take place at the end of April for a new venture aiming to deliver voice and data telecoms services via the electricity grid.
The Egyptian Electricity Holding Companyholds a 50 per cent stake in the venture, which has paid-in capital of £E 50 million ($10.9 million). The IT Group, headed by Hisham Sharif, holds 30 per cent, and the remaining 20 per cent has been taken up by Alkan Investments, headed by Mohamed Nossair. Sharif is involved in several data communication ventures in Egypt and the surrounding region. Alkan's major involvement in the telecoms sector is its 10 per cent holding of GSM operator Vodafone Egypt, of which Nossair is the chairman.
The venture has a licence from the Telecommunications Regulatory Authority to supply communications services to the estimated 10 million subscribers to the electric power network. The network is already equipped with fibre optic cables. It will be available as a backbone network supplier to both of the GSM operators.
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