Saudi Arabia’s STC extends Vodafone Egypt purchase on coronavirus challenges

The building of Vodafone Egypt Telecommunications Co on the outskirts of Cairo, Egypt. (File photo: Reuters)

Saudi Arabia’s largest telecoms operator Saudi Telecom Co (STC) said on Sunday it would need another two months to complete the purchase of Vodafone Group’s 55 percent stake in Vodafone Egypt.

STC signed a non-binding agreement in January to buy the majority stake for $2.4 billion, but extended the process in April by 90 days, citing logistical challenges caused by the coronavirus pandemic.

In a statement, STC said it was extending this period again until September for the same reasons.

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Vodafone Egypt is the country’s biggest mobile operator with 44 million subscribers and a 40 percent market share.

STC is majority owned by Saudi Arabia’s state fund the Public Investment Fund (PIF).

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Last Update: Sunday, 12 July 2020 KSA 12:08 - GMT 09:08
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