SAUDI Arabia’s largest telecoms operator Saudi Telecom Co (STC) today said it would need another two months to complete the purchase of Vodafone Group’s 55% stake in Vodafone Egypt.
STC signed a non-binding agreement in January to buy the majority stake for US$2.4 bil (RM10.2 bil), 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 Sept 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 known as Public Investment Fund. – July 12, 2020, Reuters
