Telecom Egypt Denies Plans to Sell 45% Stake in Local Vodafone Subsidiary

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Telecom Egypt has refuted reports that it is looking to sell its 45% stake in Vodafone's local subsidiary to Saudi Telecom.

The company issued a statement stating that the report in the Al Rai newspaper that it was looking to sell the stake was incorrect.

Despite the denial, the majority government owned landline operator saw its shares surge on expectation of the sale.

Telecom Egypt has been expected to consider a sale of its stake in Vodafone Egypt as part of its plans to launch its own MVNO, which would be a competitor to Vodafone in the country.

On the web: Trade Arabia

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Tags: telecom egypt  vodafone  Egypt 

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