The Saudi Telecom Company (STC), one of the largest in the Kingdom, said on Sunday that it will need another 60 days to complete the acquisition of a 55% stake in Vodafone Egypt.
In January, Saudi Telecom concluded a non-binding agreement to purchase the stake for $ 2.4 billion but, it extended the process for 90 days in April, due to what it said were logistical challenges caused by the novel coronavirus pandemic.
The company said in a statement it would extend the period again to September for the same reason.
Last April, the Saudi giant has paused talks with banks regarding a $2 billion financial package for the acquisition of Vodafone Group Egypt due to disruption caused by the deadly virus.
STC share price drops 0.51% to SAR 97.50
It is noteworthy that the Public Investment Fund, the Saudi sovereign wealth fund, owns a majority stake in Saudi Telecom.
Vodafone is competing in the Egyptian market with Orange and Telecom Egypt, a subsidiary of Emirates Telecom.
STC is headquartered in the Saudi Capital Riyadh, and employs more than 17,000 workers, with subsidiaries in Bahrain, Kuwait and others with revenues of about $13.9 billion.