Telecom Egypt has announced its decision to halt the sale of its stake in Vodafone Egypt, citing anticipated profits of up to EGP 3 billion from this investment in 2024.
The decision comes as the current board of Telecom Egypt evaluates the strategic value of its stake in Vodafone Egypt, which has yielded significant returns under the existing shareholder agreement. Notably, the distribution of EGP 2.1 billion in dividends in 2023 underscores the financial benefits derived from this partnership.
Furthermore, Telecom Egypt received purchase offers for the stake, but determined that they did not align with the company's future strategic objectives. As a result, Telecom Egypt has opted to retain its stake in Vodafone Egypt, reaffirming its commitment to the long-term growth and profitability of the partnership.
