Cairo – Mubasher: Telecom Egypt commented on news reports stating that Qatar's sovereign wealth fund, Qatar Investment Authority (QIA), intends to negotiate to buy part of Telecom Egypt’s stake in Vodafone Egypt.

Telecom Egypt said it did not receive any official offers from any entity regarding this matter, according to a statement to the Egyptian Exchange (EGX) on Monday.

The company further added that it will examine and evaluate any official offers submitted to it with regard to its Vodafone Egypt stake in cooperation with its financial and legal advisors.

During the first half (H1) of 2022, net profits of Telecom Egypt came in at EGP 3.78 billion, compared to EGP 3.87 billion in the same period in 2021, including minority shareholders’ rights.