Telecom Egypt shares jump on reports of Qatari fund offer to buy Vodafone Egypt stake

Shares of state-run Telecom Egypt (TE) jump more than 9 percent in early trading on Monday following reports Qatar Investment Authority is offering to buy a share of TE’s stake in Vodafone Egypt.

TE’s shares rose 9.3 percent to 16.9 Egyptian pounds ($0.88).

In response to these media reports, Telecom Egypt said it had received any official offers from the Qatari sovereign investment fund to buy a share of its stake in Vodafone Egypt.

TE further said that in case of receiving an offer for its stake in Vodafone Egypt, it will be considered and assessed in cooperation with its financial and legal advisors according to applied procedures and in a way that achieves the greatest benefits to shareholders.

It added that it would disclose any relevant updates immediately.