The Egyptian Stock Exchange has announced a deal to sell Vodafone Egypt to a foreign company worth LE 59.7 billion.
According to a report from the Egyptian Stock Exchange, the deal was worth £59.7bn, with a trading volume of 132m shares and a cash price of approximately €17.92 per share in transactions by non-Egyptian Stock Exchange listed companies. , outside the main compartment.
With this deal, the South African Vodacom Group Ltd. completed the purchase of a 55% stake in Vodafone Egypt Telecom.
On November 13, 2022, the FRA reported; Examining an offer by Vodacom Group Limited (Vodacom) to buy shares of minority shareholders wishing to sell Vodafone Egypt to Telecom.
Authorities said Vodacom deposited the offer in light of Telecom Egypt’s rejection; Response to the offer to purchase in accordance with the letter sent to the Financial Regulatory Authority on 10/10/2022 and the letter sent to Vodafone Egypt on the same day and delivered to the Financial Regulatory Authority.
And financial controls revealed that the offer made for the shares was 124,608 shares, or 0.05% of the shares of the capital of Vodafone Egypt Telecom, at a price of EUR 17.92 per share, in accordance with the provisions of Chapter Twelve. executive provisions of the Capital Market Law No. 95 of 1992.
According to media reports, the Qatar Investment Authority (Qatari sovereign wealth fund) is in talks to buy a 20% stake in Telecom Egypt in Vodafone Egypt.
Telecom Egypt owns; Share up to 45% in Vodafone Egypt, which will decrease if the deal is made, to 25%.
Source: Cairo 24