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Monday, 21 September 2020

Saudi Telecom extends Vodafone Egypt stake purchase for second time

STC signed a non-binding agreement in January to buy the majority stake for $2.4 billion, but extended the process in April by 90 days

Reuters , Sunday 12 Jul 2020
Vodafone Egypt
File Photo: The building of Vodafone Egypt Telecommunications Co is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. (Photo: Reuters)
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Saudi Arabia’s largest telecoms operator Saudi Telecom Co (STC) said on Sunday it would need another two months to complete the purchase of Vodafone Group’s 55% stake in Vodafone Egypt.

STC signed a non-binding agreement in January to buy the majority stake for $2.4 billion, but extended the process in April by 90 days, citing logistical challenges caused by the coronavirus pandemic.

In a statement, STC said it was extending this period again until September for the same reasons.

Vodafone Egypt is the country’s biggest mobile operator with 44 million subscribers and a 40% market share.

STC is majority owned by Saudi Arabia’s state fund the Public Investment Fund (PIF).

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