Cairo – Mubasher: Telecom Egypt is currently considering all possible investment options regarding its stake in Vodafone Egypt.

The state-run telecom operator is set to appoint an investment bank to study these options and their consequences, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

The Financial Regulatory Authority (FRA) said that the potential stake sale deal of Vodafone Egypt by the Saudi Telecom Company (stc) is subject to the provisions of chapter 12 of the executive regulations of the Egyptian Capital Law No.95/1992. 

Once a final deal is reached, stc will be required to submit a mandatory tender offer (MTO) for the remaining shares in Vodafone Egypt.  

On 29 January, stc announced signing a non-binding memorandum of understanding (MoU) with Vodafone to acquire its 55% stake in Vodafone Egypt for $2.392 billion. The deal is expected to close by the end of June 2020.