Telecom Egypt is not for sale: says Communications Minister

Daily News Egypt
1 Min Read

Minister of Communications and Information Technology Amr Talaat assured employees of Telecom Egypt’s Mansoura branch that the company is not for sale, but its stake in Vodafone Egypt can be offered for sale.

It came on the sidelines of the opening ceremony of WE’s branch – Telecom Egypt’s mobile network – in Mansoura.

“Do not worry, Telecom Egypt is not for sale, and will never be,” the minister stressed.

Telecom Egypt said earlier it appointed an investment bank to consider options for the company following Vodafone Group’s intention to divest its stake in Vodafone Egypt.

STC struck a preliminary deal on 29 January to buy Vodafone Group’s 55% stake in Vodafone Egypt. Another 45% is held by Telecom Egypt, itself owned 80% by the Egyptian government and 20% as free-floating shares on the stock exchange.

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