Egypt telecom confirms 4.3 billion US dollar takeover of Vodafone Egyptian shares
Source: Internet
Author: User
KeywordsTelecom shares Vodafone
C114 Beijing time May 25 Morning News (SHANGMU) Egypt Telecom (EADS Egypt) confirmed its intention to acquire Vodafone in its joint venture mobile network company Vodafone Egypt (Vodafone Egypt) shares. Vodafone currently owns 54.9% per cent of the company, while Egypt Telecom has 44.95%. In a statement, Egypt Telecom said it was also seeking alternatives, including raising its stake in Vodafone Egypt and applying for a fourth mobile licence when the Egyptian government issued a licence. Egypt Telecom's board has not made any decision and will issue a progress announcement in due course, Tarek Tantawy, chief executive and CEO of Terrick Tantavi. According to reports, Egypt Telecom may have to pay about 3 billion pounds (C114 note: About 4.333 billion U.S. dollars) to buy Vodafone's shares in the company.
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