STC, Vodafone UK are still in talks for Vodafone Egypt stakes

Saudi Telecom Company (STC) and Vodafone UK are still in talks for the former to purchase the stakes of Vodafone Egypt, according to Vodafone Egypt CEO Mohamed Abdallah.

He added during a press conference that local management of the company is not involved in the mother company’s negotiations with STC, it is rather concerned with improving the efficiency of services provided to the costumers.

He also noted that the company pumped 65 billion Egyptian pounds investments into Egypt since its inception in, adding that the company had invested approximately 13 billion pounds over the last three years.

Vodafone Egypt invested 5 billion pounds into the Egyptian market during 2020, he added.

The two companies vowed to continue talks in September after STC was unable to agree a price with Vodafone by the deadline set by a MoU signed in January.

The Saudi company initially submitted a non-binding bid of USD 2.39 bn for the 55% stake, but talks to reduce the valuation later broke down.