09:49 AM
Sunday 13 September 2020
–
Books – Mustafa Eid:
The Saudi Telecom Company, stc, announced in a statement to the Saudi Stock Exchange today, Sunday, that no agreement has been reached with the Vodafone International Group regarding the purchase of its stake in Vodafone Egypt.
, The Saudi Telecom Company said, in its statement that it announces “the end of the term of the memorandum of understanding without reaching an agreement to complete the deal, due to lack of compatibility with the concerned parties.”
She added, “An understanding has been reached between stc and Vodafone Group to keep the dialogue open.”
And the American agency Bloomberg said in a report last week that the Saudi Telecom Company was negotiating with Vodafone International Group to reduce the value of the offer to buy its stake in Vodafone Egypt, which amounts to 55%.
Last January, the Saudi Telecom Company offered to buy Vodafone’s global stake in its Egyptian unit for $ 2.39 billion, while Telecom Egypt owns the remaining stake.
The ownership structure of Vodafone Egypt is divided between 55% for Vodafone International, which is the target percentage for the Saudi purchase offer, 44.8% for Telecom Egypt, and the rest 0.2% for small shareholders.
– .
