Deal between Vodafone Group, STC not final without NTRA approval

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Thu, 30 Jan 2020 - 02:45 GMT

The National Telecom Regulatory Authority (NTRA) - official website

The National Telecom Regulatory Authority (NTRA) - official website

CAIRO - 30 January 2020: The National Telecom Regulatory Authority said Thursday that a possible acquisition operation between Vodafone Group and Saudi STC entails that the first receives a written approval from the NTRA if it seeks to change the legal status of its daughter company or stakes of shareholders.

The NTRA preserves the right to take all measures needed to protect Egypt's national security and users and to maintain competition, the authority said in a statement following the inking of a memorandum of understanding between Vodafone Group and STC to sell 55 percent of Vodafone Egypt to the Saudi firm.

The agreement won't be final unless the NTRA gives it the okay, it said.

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