Telecom Egypt not to change stake in Vodafone Egypt in meantime: Minister

Telecom Egypt’s stake in Vodafone Egypt amounts to 45%

  
A Telecom Egypt building is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015.

A Telecom Egypt building is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015.

REUTERS/Asmaa Waguih
ArabFinance: Telecom Egypt (ETEL) has no intention to change its stake in Vodafone Egypt in the meantime, Hapi Journal reported, citing the Egyptian Minister of Communications and Information Technology Amr Talaat.

Telecom Egypt’s stake in Vodafone Egypt amounts to 45%, while the global Vodafone Group holds the remaining stake of 55%.

Telecom Egypt previously announced that Vodafone Group received an initial offer from the South African group Vodacom, upon which Vodafone Group will transfer its stake in Vodafone Egypt to Vodacom.

Cairo-based Telecom Egypt is a joint-stock company, which operates in the sectors of communications, marine cables, infrastructure, internet services, and outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.

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