Saudi STC to buy 55% of Vodafone’s share in Egypt

CAIRO – 29 January 2020: Egyptian Prime Minister Mostafa Madbouli met Tuesday with the CEO of Vodafone group, Nicholas Read, along with MCIT Amr Tala’at.

The CEO Nicholas Read said that he met the Egyptian premier to officially inform the Egyptian government that Vodafone group has signed a memorandum of understanding with the Saudi giant tech STC, adding that the latter will probably buy 55 percent of International Vodafone’s share in Vodafone Egypt.

Read praised the distinguished cooperation between Egypt and International Vodafone through 22 years, mentioning the great support received by the company from the Egyptian government that Egypt became one of the most valuable regions for the company’s investment.

Read pointed out that the call was taken as part of the company’s strategy to focus all of its investments in one sector, this explains the company’s pull out of several major markets. Read added that International Vodafone will remain in Egypt through several other services.

In the same context, Egyptian MCIT, Amr Tala’at, said that the service will not be affected by the possible sale, adding that Egypt is a promising major market for several communication investments. He said that the Egyptian ministry of communication will continue its cooperation with International Vodafone in several projects.