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Press Releases

Updates on Telecom Egypt's stance of its stake in Vodafone Egypt

05 February 2020
Following Telecom Egypt's statement issued on 29 January 2020 regarding Vodafone Group's intention to divest its stake in Vodafone Egypt, and our assurance therein, that Telecom Egypt is closely following the aforementioned potential transaction to consider all of its possible investment options and opportunities, Telecom Egypt is in the process of appointing an investment bank(s) to study such options and their consequences, in light of the existing shareholders’ agreement and all related Egyptian laws and regulations.

Concurrently, Telecom Egypt has contacted the Financial Regulatory Authority (FRA), as per the recommendation of its legal advisor, to determine whether this potential transaction would be subject to the provisions of Chapter Twelve of the Executive Regulations of the Egyptian Capital Market Law No. 95 / 1992 regarding tender offers. The FRA has, in turn, asserted that the potential transaction is subject to the provisions of the aforementioned Chapter (FRA Letter Attached).

Telecom Egypt reiterates that all options are still being considered and studied, and that its main goal is to ensure that its shareholders gain the maximum benefit out of the opportunities currently presented. Telecom Egypt shall announce any results it reaches in this regard in due course.