Cairo – Mubasher: Telecom Egypt’s (TE) operations will not be affected by the acquisition of Vodafone Egypt by the Saudi Telecom Company (STC), provided that TE decided to keep its stake in Vodafone, analyst at Beltone Financial Ahmed Abdul Majid told Mubasher.

Any impact by the acquisition would be limited to Telecom Egypt’s fair value (FV), Abdul Majid said.

The analyst noted that telecom company’s FV is still under consideration, adding that it previously stood at EGP 16.5.

Last month, STC signed a non-binding memorandum of understanding with Vodafone to acquire its 55% stake in Vodafone Egypt for $2.392 billion, equivalent to EGP 37.8 billion (SAR 8.97 billion).