Vodafone Says Market Value of Egypt Business Hits EGP45 bln

Vodafone Group Plc said the total market value of Vodafone Egypt up around EGP45-50 billion including the assets value which owned by the company and total operating value in Egypt.

Vodafone Global explained that its share in Vodafone Egypt is 55% (EGP25 billion), noting that Telecom Egypt’s (TE)(ETAL-CA) share in Vodafone up EGP15-20 billion.

Vodafone did not restore to TE to seize the total shares of the company after the failure of the negotiations many times due to the high market value and the difficulty to provide the necessary liquidity by TE to finance the acquisition.

Senior sources in Vodafone Egypt proposed for Vodafone Global to restore for acquisition the total shares of Vodafone Egypt after offering the integrated operator License which the National Telecommunication Regulatory Authority (NTRA) referred to the Egyptian Cabinet to sign the final approval.

Eng. Mohamed Al-Nawawi, CEO of TE stated previously that TE will seek to seize the entire share of Vodafone along with new spectrum by 2015.

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