STC claims negotiating to acquire stakes in Vodafone Egypt

Saudi Telecom Company (STC) said to be in talks to acquire a stake of Vodafone Egypt.

However, a senior Vodafone official refused to comment on reports that Vodafone Group had entered into talks with Saudi Telecom Company (STC) to offload its 55 percent stake in Vodafone Egypt.

Telecom Egypt official said last the company has no plans to sell its stake in Vodafone Egypt in the medium term. It also hasn’t received any offers to sell.

The company achieved profits of 1.09 billion pounds during the third quarter 2019, compared to profits of 1.44 billion pounds in the comparative period of 2018.

STC has long been interested in getting a piece of Vodafone Egypt. Reports way back in 2013 alleged that the Saudi firm was eyeing up the 45% stake owned by state-owned landline monopoly Telecom Egypt.