Telecom Egypt claims right of preemption in Vodafone Egypt’s sale to STC
Egypt’s competition watchdog is studying a request filed by Telecom Egypt claiming the right of preemption over the potential sale of a majority-share of Vodafone Egypt to the Saudi Telecom Company (STC).
The request came after Vodafone PLC signed a memorandum of understanding with STC to sell 55 percent of the company’s shares in Vodafone Egypt, with an initial value of $2.392 billion.
“The ECA (Egyptian Competition Authority) received a request from [Telecom] and is willing to undertake the necessary legal action according to the competition law and its executive regulations,” the Egyptian Consumer Protection Agency (CPA) said in a statement Wednesday evening.
Telecom Egypt has a 45 percent stake in Vodafone Egypt.