Vodafone International Group announced the signing of an agreement of understanding with Saudi Telecom Company STC, regarding a possible sale of Vodafone International’s 55% stake in Vodafone Egypt to Saudi Telecom Company, where Vodafone issued an official statement containing that agreement.
Vodafone adds additional features
The company stated in its statement that it will continue to provide innovative technology products and solutions to its clients in the corporate and individual sectors, and that customers will not be affected by cooperation with the Saudi Telecom Company, but rather gain many additional advantages.
Where Vodafone International intends to continue its presence inside the Egyptian market, through Vodafone International Services, which is interested in providing outsourcing services to many Vodafone global markets and all of its customers, and it is mentioned that the number of Vodafone employees in the Smart Village, Cairo and Alexandria is seven thousand and eight hundred employees, with a plan Expansion to create one thousand jobs during 2020/2021.
Vodafone statement
Nicholas Reed, CEO of Vodafone Group, said in a statement:
“I feel proud of the success of Vodafone Egypt and its leadership in the Egyptian market as the number one mobile network. I am confident of the continuity of this success and progress with STC, this step is in line with our priorities in maximizing the benefit of our investments in global markets, focusing on European and African markets and reducing debt burdens. Net, which would achieve the best return for our shareholders. ”
Mr. Nicholas Reed added: “Our presence in the Egyptian market has achieved great success over many years, and we look forward to continuing this close relationship with the company in Egypt through the new long-term partnership agreement and also from other than Vodafone International Services VOIS.”
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