(C) Reuters. The spread of the coronavirus disease (COVID-19), in Cairo
DUBAI (Reuters) – Saudi Arabia’s largest telecoms operator Saudi Telecom Co (STC) (SE:7010) said on Sunday it would need another two months to complete the purchase of Vodafone Group (LON:VOD)’s 55% stake in Vodafone (NASDAQ:VOD) Egypt.
STC signed a non-binding agreement in January to buy the majority stake for $2.4 billion, but extended the process in April by 90 days, citing logistical challenges caused by the coronavirus pandemic.
In a statement, STC said it was extending this period again until September for the same reasons.
Vodafone Egypt is the country’s biggest mobile operator with 44 million subscribers and a 40% market share.
STC is majority owned by Saudi Arabia’s state fund the Public Investment Fund (PIF).
Saudi Telecom extends Vodafone Egypt stake purchase for second time
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.