Telecom Egypt to replace its delegates in Vodafone before year-end: minister
State-owned Telecom Egypt will replace its representatives in Vodafone Egypt with non-executive board members before the end of this year, Communications Minister Amr Talaat told Amwal Al Ghad.
Vodafone has been pressing the government to replace the three current board members representing Telecom Egypt, which owns 45 percent of the company.
It has urged the government to replace TE representatives with non-executive board members with no ties to its competitors to eliminate any conflict of interest, an issue which had plagued the company.
“This shall guarantee Vodafone’s rights to discuss its strategies and plans away from its competitors. And at the same time, it shall guarantee Telecom Egypt’s rights as a key investor in the company,” Talaat said in an interview.
The Egyptian minister said Telecom Egypt does not plan to exit its shares in Vodafone Egypt.