Riyadh – Mubasher: The Saudi Telecom Company (stc) announced the extension of the memorandum of understanding (MoU) previously signed with Vodafone Group to acquire its stake in Vodafone Egypt for 90 days.

The Saudi telecom operator said that “due to the logistical challenges caused by the COVID-19 pandemic, the parties need more time to complete the processes related to the transaction, including the due diligence,” according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

During the extended period, the two companies will be working to progress the transaction. 

In January, stc signed a non-binding MoU to acquire a 55% stake in Vodafone Egypt.