Telecom Egypt not to sell stake in Vodafone in current year
Fri, Feb. 8, 2019
CAIRO – 8 February 2019: Telecom Egypt doesn’t have any intention to sell its stake in Vodafone Egypt during the current year, an official at Telecom Egypt Company said.
“We don’t have any intention to exit from Vodafone in the medium term,” the official told Egypt Today.
He attributed continuing the company's investment in Vodafone to achieving good returns from it.
Investment Bank Beltone Financial expected earlier Telecom Egypt to sell its stake in Vodafone, which allocates 45 percent of Vodafone shares.
Beltone also said that exiting from Vodafone will help Telecom Egypt not to repeat its investment in the Egyptian mobile sector.
In 2018, Managing Director and Chief Executive Officer of Telecom Egypt Ahmed el-Beheiry said that his company will keep its stake in Vodafone but the executive representatives at Vodafone’s Board of Directors are being changed.
He added that Telecom Egypt's share of the retained earnings of Vodafone Egypt will reach LE 6.25 billion by the end of the first half of 2018.
Telecom Egypt operates within the telecommunication services sector focusing on integrated telecommunication services. It has 17 subsidiaries operating across British Islands, Western Europe, Northern Africa and Middle East. Telecom Egypt is based in 6th of October, Egypt.
Vodafone operates within the telecommunication services sector focusing on wireless telecommunication services. It has two subsidiaries operating across Egypt, working on internet software & services. Vodafone is based in 6th of October, Egypt and was established in May 1998.
Additional Reporting by Heba al-Said