Telecom Egypt wants to keep its stake in joint venture Vodafone Egypt, a spokesperson has said, dismissing speculation it will be forced to cede its shareholding when gaining an MVNO licence.
The spokesperson said: “We are not keen to give [the stake]…
Telecom Egypt wants to keep its stake in joint venture Vodafone Egypt, a spokesperson has said, dismissing speculation it will be forced to cede its shareholding when gaining an MVNO licence.
The spokesperson said: “We are not keen to give [the stake] up. At the moment Vodafone Egypt is the leading operator here in Egypt, it’s a good investment.”
Fixed-line operator Telecom Egypt, which is 80% state-owned, is keen to provide mobile services in order to boost and diversify its revenues.
But local newspapers suggested it could be forced to exit its 45% shareholding in the venture when it secures a fully integrated licence, which will allow it to provide various telecoms services using another operator’s network.
The spokesperson however said those reports were inaccurate and that the company has not been notified by any authorities about a stake sale. He added that gaining an MVNO licence would not require Telecom Egypt to sell its stake.
A few days ago, it was reported that British telco Vodafone has expressed interest in buying the 45% stake but that no formal offer has been made yet.
Telecom Egypt currently has a monopoly on landlines in the country. Egypt’s existing mobile operators are Vodafone Egypt, Mobinil and Etisalat.
