Telecom Egypt : confirms no immediate plans for Vodafone Egypt stake sale
20 April 2018
Telecom Egypt has no immediate plans to divest its stake in Vodafone Egypt, Bloomberg reports, citing the telco’s senior investor relations director.
With Telecom Egypt reportedly focused on growing its share of the local mobile market to as much as 15% by 2022 following its entry into the sector in September 2017, Sarah Shabayek was quoted as saying that a decision to sell its 45% holding in Vodafone Egypt could not be made ‘blindly’.
Further, Telecom Egypt reportedly believes that there is no conflict of interest in holding onto the stake, despite now being in direct competition with mobile market leader Vodafone Egypt, with Ms Shabayek noting that the company is not privy to the latter’s plans during board meetings. Speaking on the matter, the executive added: ‘Vodafone Egypt is a very good investment … A sale would only be considered if we reach a critical mass in the mobile market to the extent that we start cannibalising on such investment.’