Telecom Egypt looking to buy 16 percent stake in Vodafone Egypt
Egypt's state-owned fixed line monopoly Telecom Egypt is looking to acquire a 16 percent stake in Vodafone Egypt, from Vodafone International, reported Al-Ahram. The company’s shares will be listed on the Cairo and Alexandria Stock Exchange (CASE), at a price of LE50/share, following the deal’s close.
Vodafone International, one of the world's largest mobile telecommunications network companies, currently holds a 67 percent interest in Vodafone Egypt’s outstanding shares. The remaining shares a divided between Banque Du Caire (five percent), Alakn Group (15.5 percent) and EFG Hermes & MSI (12.5 percent).
With a 2.4-million subscriber base, Vodafone Egypt (formerly branded Click GSM) was founded and launched in November 1998 as Misrfone Telecommunications S.A.E. It's an international consortium, with a team of over 1,900 employees, and paid-in capital of 1.2 billion Egyptian pounds ($200.5 million).
Vodafone Egypt network covers 98 percent of the populated areas. Roaming agreements are in force with more than 250 operators in over 105 countries in six continents. — (menareport.com)
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