Vodafone and Telecom Egypt have agreed to stick with the present ownership structure of their joint-owned mobile unit Vodafone Egypt (VFE).
The parties issued a statement to say that they have agreed that “it is in the best interest of VFE that the…
Vodafone and Telecom Egypt have agreed to stick with the present ownership structure of their joint-owned mobile unit Vodafone Egypt (VFE).
The parties issued a statement to say that they have agreed that “it is in the best interest of VFE that the current ownership structure should remain in place”. The pair added that they “remain committed to working together to ensure the ongoing success of VFE”.
Fixed-line operator Telecom Egypt had held preliminary talks with the British operator about buying the 55% stake it does not own in the subsidiary, but may have decided to wait for the auction of a fourth Egyptian mobile licence, which is mooted for October this year.
Rival Orascom Telecom, which with France Telecom jointly owns Egypt’s largest mobile network by revenues, Mobinil, had also said that it would consider competing for a stake in Vodafone Egypt if it were put up for sale, although this suggestion was swiftly vetoed by the Egyptian regulator, according to a report from Reuters.