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

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

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 again until September for the same reasons.Vodafone Egypt is the country's biggest mobile operator with 44 million subscribers and a 40% market share.STC is majority owned by Saudi Arabia's state fund the Public Investment Fund (PIF).(Reporting by Alexander Cornwell Editing by Raissa Kasolowsky) (([email protected];)) Most Read Stock Market DataDubai FM 2,091.19115,540,780(0.43% )Abu Dhabi SE 4,319.25115,911,917(0.55% )Saudi SE 7,451.2459,661,283(0.47% )Egypt SE 10,957.020(0.00% )Most Active Stocks MoreOur Privacy Statement & Cookie PolicyThis