Vodafone Egypt Denies Any Offers Capturing 45% of TE’s share

Vodafone Egypt has denied receiving any offers from Etisalat UAE for capturing Telecom Egypt’s (TE)(ETAL-CA) share of Vodafone which is 45%.

An official source in Vodafone asserted that the invalidity of the news which was circulated in some media regarding the study of Etisalat UAE for seizing TE‘s share, explaining that during the last period many new circulated regarding the intention of Saudi Telecom Company (STC ) for buying 45% of the company’s shares.

The source explained to Amwal Al Ghad in exclusive that the problem faced by the STC during considering the decision of the acquisition is the instability of the economic situation in Egypt and the difficulty of making the decision to sell TE’s assets during the current period, stressing that the legal liability that might be exposed to officials prevent them from making a similar decision.

Eng. Atef Helmy, Egyptian Information and Communication Technology Minister said in previously statements that TE will exit from Vodafone Egypt’s shares once it will obtained its fourth mobile phone license, adding that this step will be studied after finalizing the integrated operator license which scheduled to be offered by 2014.