Egypt sets conditions for completing the Vodafone and STC deal

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Egypt sets conditions for completing the Vodafone and STC deal

Reuters

Vodafone Egypt

The National Telecommunications Regulatory Authority in Egypt has announced that the completion of a possible acquisition by STC of Vodafone Egypt’s share is related to the approval of the device.

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A Saudi company is in the process of acquiring a controlling stake in

A statement issued by the device said that the sale of Vodafone’s global stake of 55% in Vodafone Egypt to the Saudi company obliges the sold company to obtain prior written approval from the National Communications Regulatory Authority on any operations related to any change in its legal entity or the shareholders ’proportions within the company in accordance with the conditions determined by the Board of Directors National Telecommunications Regulatory Authority.

In a statement, today, Thursday, the agency stated that “the agency has the right to take all necessary measures and measures to protect national security and the public interest of the state and to observe competition and protect users, in accordance with the provisions of Law No. 10 of 2003 regarding the regulation of communications and licensing issued to the company by the agency, which provides telephone services Mobile in the Arab Republic of Egypt since 1998 “.

He added that “despite the policy of the device not to interfere in transactions and commercial transactions between companies according to the rules of the free economy, but it confirms that the completion of the agreement between the two parties is conditional on its presentation to the National Communications Regulatory Authority for final approval to complete the sale, in order to ensure the rights of telecom users not to be affected The quality of services provided to them on the one hand, and all rights of the state on the other hand.

He pointed out that: “The decision of Vodafone International to sell its stake in Vodafone Egypt is a decision linked to its strategy at the global level, which explains the recent exit of the company from many major markets.” He explained that the company continues to provide other services, especially data centers and centers of excellence as well. On the continuation of Vodafone’s global contracts in the comprehensive health insurance system.

Source: Agencies



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