ICEC

Telecom Egypt Denies Vodafone Request to Acquire Full Stake in Egypt’s Unit

Telecom Egypt (ETEL.CA), the country’s landline phone monopoly, has not received a formal offer a from Vodafone Plc (VOD) to acquire 45 % stake of its Egyptian unit, owned by Telecom Egypt.

This comes after media reports published early Tuesday revealed that Vodafone Plc expressed interest in buying the shares it doesn’t already own in Vodafone Egypt, owned by the country’s landline phone monopoly.

The long-awaited integrated license would allow Telecom Egypt, 80 percent owned by the government, to provide mobile services. The company said in August it’s not obliged to sell the Vodafone stake to acquire license.

Telecom Egypt shares have gained 1.9 percent this year compared with a 14 percent advance for the benchmark.

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