Riyadh – Mubasher: Saudi Telecom Company (stc) is in talks to reduce its non-binding $2.39 billion offer for a 55% stake in Vodafone Egypt, Bloomberg reported citing two people with direct knowledge of the matter.

The discussions come as a deadline nears for stc to move ahead with the non-binding offer first made in January.

Last July, the Saudi company extended the memorandum of understanding (MoU) signed with Vodafone Group for 60 days due to the impact of the coronavirus pandemic.

STC had said that the offer gives the Egyptian business an enterprise value of $4.35 billion.