January 28, 2020 / 7:29 PM / a month ago

Vodafone to sign MOU with Saudi Telecom for Egypt unit stake sale -Egyptian gov't

CAIRO, Jan 28 (Reuters) - 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.

Reporting by Moamen Said Atallah Writing by Aidan Lewis Editing by Chris Reese

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