Telecom Egypt calls off plan to sell stake in Vodafone Egypt

Reuters Images/Amr Abdallah Dals

The current board of Telecom Egypt reckons that the company’s stake in Vodafone yields significant returns as per a shareholder agreement

Staff Writer, Arab Finance

May 19, 2024

PHOTO

Telecom Egypt has retracted from selling its stake in Vodafone Egypt, as it anticipates garnering profits of up to EGP 3 billion from this stake in 2024, two sources in the know told Asharq Business.

The current board of Telecom Egypt reckons that the company’s stake in Vodafone yields significant returns as per a shareholder agreement, following the distribution of EGP 2.1 billion worth of dividends in 2023, one source noted.

He added that the purchase offers received by Telecom Egypt for the transaction do not match up with its future plans.

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