The Egyptian unit of global mobile network operator Vodafone approved a LE 12.50 ($2.26) per share dividend on Wednesday, major shareholder Telecom Egypt said.
Egypt’s landline monopoly has a 45 percent stake in the Vodafone unit, which means it will receive 1.35 billion pounds from the dividend, it said in a statement.
The two firms earlier this month ended talks for Telecom Egypt to increase its stake in the operation, which has almost as many customers as market leader Mobinil and boasts higher average revenue per user (ARPU).
In 2008, the unit approved a LE 7.60 dividend, worth LE 817 million for Telecom Egypt. It was not immediately clear what dividend, if any, the unlisted unit approved in 2009.