Saudi Telecom extends Vodafone Egypt stake purchase for second time – ZAWYA

SourceZawya
SectorEconomy
CountrySaudi Arabia

Saudi Telecom extends Vodafone Egypt stake purchase for second time | ZAWYA MENA Edition HomeBusinessTechnologyArticleSaudi Telecom extends Vodafone Egypt stake purchase for second time STC signed a non-binding agreement in January to buy the majority stake for $2.4bln    A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia February 6, 2018. Image used for illustrative purposeDUBAI - Saudi Arabia's largest telecoms operator Saudi Telecom Co (STC) said on Sunday it would need another two months to complete the purchase of Vodafone Group's 55% stake in Vodafone Egypt.STC signed a non-binding agreement in January to buy the majority stake for $2.4 billion, but extended the process in April by 90 days, citing logistical challenges caused by the coronavirus pandemic. In a statement, STC said it was extending this period...read more...