Telecom Egypt says finance director resigns

CAIRO, June 18 (Reuters) - The finance director of landline monopoly Telecom Egypt (ETEL.CA)(ETELq.L) has resigned to pursue other career opportunities.

Tarek Tantawy, also the firm's vice president, will leave on August 13, Telecom Egypt said in a statement on Thursday.

The company did not name a replacement for Tantawy, who played a key role in Telecom Egypt's initial public listing and acquisition of a 45 percent stake in Vodafone Egypt (VOD.L).

A spokesman for Telecom Egypt declined to comment on reports another executive had also resigned and it was eyeing LinkDotNet, an internet service provider owned by Orascom Telecom (ORTE.CA) (ORTEq.L).

Al Mal financial daily said Telecom Egypt chairman and chief executive officer Akil Beshir had expressed interest in acquiring the provider but a decision to make an offer would be dependent on the approval of his board.

Telecom Egypt has around 59 percent of the market for internet services in Egypt via its TE Data operation. Acquiring LinkDotNet would give it a 90 percent share, al Mal said.

Orascom said in February it was studying an offer from Mobinil, Egypt's largest mobile operator by subscribers, to buy LinkDotNet and another internet subsidiary. [ID:nLM76936]

Orascom owns a roughly 35 percent stake in Mobinil (EMOB.CA) but is locked in an ownership dispute with the other main shareholder, France Telecom (FTE.PA). [ID:nLV360396]

"With the disagreement between Mobinil and OT they decided to postpone this issue until they reach some sort of resolution," Beltone analyst Shrouk Diab said.

"(Telecom Egypt) already have TE Data, I don't know why they would want to acquire LinkDotNet," she said, adding: "I don't see where the value addition for Telecom Egypt is." (Reporting by Alastair Sharp; Editing by Dan Lalor)