Telecom Egypt has decided not to sell its stake in Vodafone Egypt, expecting to earn up to EGP 3 billion from this stake in 2024, according to two sources familiar with the matter, reported by Asharq Business.
Telecom Egypt’s current board believes the company’s stake in Vodafone yields significant returns according to a shareholder agreement.
The board points out that the Vodafone stake offers substantial returns, highlighted by the EGP 2.1 billion in dividends distributed in 2023, as one source mentioned.
Additionally, the purchase offers Telecom Egypt received do not align with its future strategic plans.