March 30, 2016 / 9:43 AM / 3 years ago

Vodafone Egypt owes Telecom Egypt $506.8 mln in deferred profits: source

The building of Vodafone Egypt Telecommunications Co is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. REUTERS/Asmaa Waguih

CAIRO (Reuters) - Vodafone Egypt owes Telecom Egypt, the state-owned landline monopoly which owns 48 percent of Vodafone Egypt, 4.5 billion Egyptian pounds ($506.8 million) in deferred profit payments, a ministry of communications source told Reuters on Wednesday.

Vodafone will pay the amount in two instalments, the first in April, the source said.

The government replaced all of its representatives on Telecom Egypt’s board earlier on Wednesday.

($1 = 8.8799 Egyptian pounds)

Reporting by Ehab Farouk; Writing by Ahmed Aboulenein; editing by Lin Noueihed and Susan Thomas

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