Wednesday, Jun 02, 2010
(This story was originally published Tuesday.)
By Lilly Vitorovich
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--Vodafone Group PLC (VOD) and Telecom Egypt SAE (ETEL.CI) Tuesday agreed to keep the current ownership structure in Vodafone Egypt Telecommunications Co. (VODE-CI), ending days of uncertainty.
In a brief joint statement to the London Stock Exchange, the two parties said they "remain committed to working together to ensure ongoing success" of Vodafone Egypt after wrapping up talks about the firm's ownership structure.
Last month it was reported that Telecom Egypt had made an informal approach to Vodafone about buying out its controlling 55% stake in Vodafone Egypt, the only provider of fixed-line services in the country.
State-owned Telecom Egypt holds a 45% stake in Vodafone Egypt.
No further details were released in the statement.
At 1322 GMT, Vodafone shares were down 2 pence, or 1.2%, at 137 pence, valuing the company at GBP71.64 billion, in a sharply lower London market.
-By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290; lilly.vitorovich@dowjones.com
(END) Dow Jones Newswires
02-06-10 0350GMT
