Telecom Egypt: No Intention to Sell Stake in Vodafone

Telecom Egypt (TE) said in a disclosure on Sunday that it has no intention of selling its stake in Vodafone Egypt at the present time.

Also, the telecommunications company stated that it had not received any offers regarding this matter from any party.

Some reports quoted sources as saying that Saudi Telecom Company (STC) is conducting discussions for the acquisition of Vodafone's stake in Egypt, yet, nothing has been officially confirmed.

The company is the largest fixed-line operator in Africa and the Middle East, owning a 45% stake in Vodafone Egypt.

The disclosure of the TE to the Egyptian Stock Exchange came in response to inquiries regarding what was published by a number of websites about STC's bid to acquire Vodafone Egypt.

As for Reuters inquiries, Vodafone Egypt declined to comment.

Vodafone is competing in the Egyptian market with Orange and Telecom Egypt, a subsidiary of Emirates Telecom and Egyptian Telecom.