Vodafone Group intends to sign a memorandum of understanding with STC to divest its stake in Vodafone Egypt
Cairo, 29 January 2019: 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.
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About Telecom Egypt
Telecom Egypt is the first total telecom operator in Egypt providing all telecom services to its customers including fixed and mobile voice and data services. Telecom Egypt has a long history serving Egyptian customers for over 160 years maintaining a leadership position in the Egyptian telecom market by offering its enterprise and consumer customers the most advanced technology, reliable infrastructure solutions and the widest network of submarine cables. Aside from its mobile operation "WE", the company owns a 45% stake in Vodafone Egypt. Telecom Egypt's shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on The Egyptian Exchange and the London Stock Exchange. Please refer to Telecom Egypt's full financial disclosure on ir.te.eg
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The investor relations team
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