Reports speak of Qatar buying a stake in Egypt’s largest telecommunications company.

A report by the economic agency Bloomberg says that the Qatari Investment Authority is in talks with state-owned Telecom Egypt to buy a stake in Vodafone Egypt.

According to the report, Vodafone Egypt’s maximum stake of 25% will be bought out of the company’s 45%.

Telecom Egypt has denied information about the desire of the Qatari sovereign wealth fund to negotiate the purchase of part of its stake in Vodafone Egypt.

Telecom Egypt said in a stock exchange filing it sent Monday that it has not received any formal offers for its stake in Vodafone Egypt, noting that if offers are received, it will conduct reviews and evaluations in cooperation with its financial department. and legal consultants.

The company explained that the ownership structure of Vodafone Egypt is divided between 55% of the British Vodafone Group and 45% of Telecom Egypt..

Telecom Egypt, the largest telecom operator in the country, owns 45% of Vodafone Egypt, while the Egyptian government owns 80% of Telecom Egypt and Vodacom, owned by Vodafone International, owns 55% of Vodafone Egypt.

Qatar Wealth Fund owns stakes in some of the world’s largest companies, including the London Stock Exchange Group, Volkswagen and Glencore Mining and Trading.

There are four mobile phone service companies operating in Egypt: Vodafone Egypt, a subsidiary of the British Vodafone Group, Orange Egypt, a subsidiary of the French Orange Group, Etisalat Egypt, a subsidiary of Etisalat in the UAE, and Government Telecom Egypt.

Source: Cairo 24

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