STC signed a 55% stake in the global company, Vodafone Egypt, and thus the Saudi company acquired the largest share of the British global Vodafone Company, and this agreement came after the meeting between the Egyptian Prime Minister and Nick Reid, CEO of Vodafone Group, and was notified The government officially signed this agreement.
Vodafone Egypt President Alexander Froman stated during a press conference, that this deal means the confidence of the Saudi Telecom Company in the Egyptian economy, and indicated that selling the largest share in the company’s global share does not mean that it is not committed to the needs of the Egyptian market.
The agreement included that the total value of the Egyptian Vodafone Company is estimated at $ 4,350 million (16,312 million riyals), and the value of 55% of Vodafone’s share is $ 2,392 million (8,970 million riyals), and the final amount of the acquisition will be determined when the final agreement is signed.
The deal eliminates focus on two geographical regions, sub-Saharan Africa and Europe, and will work in the coming period to reduce the company’s net debt and motivate its shareholders, and take advantage of common services known as VOIS (Vodafone Smart Solutions).
Stc has announced that after examining the Vodafone Egypt denying ignorance, therefore any agreement regarding this deal requires approval of the Vodafone Egypt board and stc board of directors, and obtaining the approval of the regulatory authority.
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