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Press Releases

Telecom Egypt statement regarding the probable acquisition of Vodafone Egypt by STC

29 January 2020
In light of what is being circulated in the market about Vodafone Group's intention to divest its stake in Vodafone Egypt, Telecom Egypt met with representatives from Vodafone group on the 28th of January to discuss this matter. During the meeting, Vodafone Group's representatives clarified that the company is in the process of signing a non-binding memorandum of understanding to begin assessing the potential acquisition of the Group’s stake in Vodafone Egypt by Saudi Telecom Company (STC). Vodafone Group has stressed that it is committed to all of Telecom Egypt's rights as per the agreement of Vodafone Egypt’s shareholders. 

Telecom Egypt is closely following the aforementioned procedures to consider all the possible ways it may deal with its investment in Vodafone Egypt given its rights that are stipulated in the shareholder agreement. Any decision taken will be based on the final form of the potential acquisition.