05:32 PM
Wednesday 12 February 2020
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Books – Abdel Qader Ramadan:
The media official at the Authority for Competition Protection and Prevention of Monopolistic Practices confirmed to Masrawy that Vodafone Egypt had already submitted to the device, with a request to study the legal status of using Telecom Egypt as a pre-emption right to purchase Vodafone’s global stake in Vodafone Egypt.
Telecom Egypt owns about 45% of Vodafone Egypt’s shares, and the rest is for Vodafone International, and the shareholders ’agreement stipulates that Telecom Egypt has the right to purchase Vodafone’s global shares if the latter wishes to sell its stake, in what is known as the“ pre-emption right ”.
At the end of last month, Vodafone signed a memorandum of understanding with STC to buy its 55% stake in Vodafone Egypt.
The media official said that the agency will study the request of Vodafone Egypt and take the legal measures stipulated in accordance with the law and its executive regulations.
He pointed out that Vodafone made this request to the device so that it does not fall under the jurisdiction of the law if Telecom Egypt uses the right of pre-emption, as it has a competing mobile company.
The value of the potential deal to sell 55% of Vodafone Egypt to STC is estimated at $ 2.4 billion.
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