Vodafone Egypt CEO reveals reasons for selling company's stake in Egypt

CAIRO - 29 January 2020: "Vodafone Group will focus on the European market during the coming period, especially with regard to the deployment of the fifth generation mobile networks," CEO of Vodafone Egypt Alexander Froman said Wednesday.

“But the company will remain on its investment in Vodafone International Services in Egypt, which it recently acquired,” Froman added.

Froman affirmed during a press conference regarding the deal, the details of which were announced earlier, that STC's acquisition of Vodafone’s share proves that the Egyptian market is promising and has great investment opportunities, and revealed advantages that the customer will obtain, especially with international roaming services.

On Tuesday'snight, Vodafone Group announced the signing of a memorandum of understanding (MoU) to sell its potential 55 percent stake in Vodafone Egypt to Saudi Telecom Company (STC) for $2.392 billion (LE 37 billion).
 

Things to know about Egypt's newcomer "STC"

CAIRO - 29 January 2020: Vodafone Group announced the signing of a memorandum of understanding (MoU) to sell its potential 55 percent stake in Vodafone Egypt to Saudi Telecom Company (STC) for $2.392 billion (LE 37 billion).