Telecom Egypt to retain Vodafone stake

Telecom Egypt has shut down speculation that it could sell its 45% holding in Vodafone Egypt.

CommsMEA reports that while Saudi Arabia’s STC was mooted as an interested party, Telecom Egypt confirmed that it has not been approached by any buyers for the stake.

Vodafone Egypt has bucked a nationwide trend for declining subscription numbers, adding 230,000 in the last quarter of 2019 to bring its total to 40.2 million. During the year, Egypt’s National Telecoms Regulatory Authority imposed a minimum $3.16 fee per mobile line; whether as a result or otherwise, the country saw a decrease of around 100,000 mobile subscribers.

The remaining 55% stake in Vodafone Egypt is held by Vodafone Group, which serves over 170 million customers across Africa. The group’s regional CEO for Africa, Middle East and Asia Pacific, Vivek Badrinath, has confirmed the company’s “clear interest” in breaking into the newly-liberalised market of Ethiopia.