Vodafone to sign MOU with Saudi Telecom for Egypt unit stake sale – Egyptian government

CAIRO: 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.