CAIRO- Vodafone Group is to sign a memorandum of understanding with Saudi Telecom for the possible sale of a stake in Vodafone Egypt, the Egyptian cabinet said in a statement on Tuesday.
The announcement came after a visit to Egypt by Vodafone CEO Nick Read. Vodafone Group holds a 55% stake in Vodafone Egypt, with the remaining 45% held by Telecom Egypt.
Telecom Egypt said on Sunday it had no intention of selling its stake.
Neither company immediately commented on the government statement, which gave no details or valuation for a possible stake sale.
The cabinet statement quoted Read as saying the eyed stake sale came as part of the firm’s strategy to exit some major markets.
(Content and photos syndicated via Reuters)