Egypt: Vodafone Group Plc in discussion with STC on the sale of its majority stake in Vodafone Egypt

January 29th 2020

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The British telecoms group Vodafone Group Plc has entered into negotiations with Saudi Telecom Company (STC) on the sale of the majority of its shares in its Egyptian subsidiary. According to Bloomberg, who reports the information, the news was released by a senior government official who declined to be named until the government was officially contacted.

It is since 2013 that rumors began to report a desire of STC to enter the capital of Vodafone Egypt. Telecom Egypt is said to have been approached by the Saudi company for its 45% stake in Vodafone Egypt. But the incumbent telecommunications operator quickly denied the information, arguing that such an operation would have no benefit for him.

For the time being, STC officials in Saudi Arabia and spokespersons for Vodafone Group Plc have declined to comment. Bloomberg said, however, that a meeting between the boss of Vodafone Egypt and the Prime Minister is scheduled for next Tuesday.

Source: Agence Ecofin Back