Egypt's incumbent Telecom Egypt (TE) held an initial public offering in 2005, selling a 20% stake to individual investors, institutions and TE workers, raising more than EGP4.5bn. The state retains the remaining 80%.
In July 2014 TE's subsidiary TE Data, its internet services arm, was chosen to implement the country's broadband project, according to Minister of Communications and Information Technology.
TE announced its plan to invest EGP3.428bn (USD449.3mn) in March 2015, with the bulk of the funds to be directed towards its nationwide access network upgrading from copper-based to fiber optic cables.
The operator became the first company in Egypt to acquire a 4G LTE license after months of negotiations with the regulator. The company paid an estimated USD797mn for its license.