stc renews MoU to acquire majority stake in Vodafone Egypt

Riyadh – Mubasher: Saudi Telecom Company (stc) has renewed the non-binding Memorandum of Understanding (MoU) previously signed with Vodafone Group to take over a 55% stake in Vodafone Egypt for 60 days effective immediately.

The decision comes in light of the logistical challenges caused by the COVID-19 pandemic, and as parties need more time to finalise the transaction’s related procedures, including the due-diligence, according to a bourse disclosure on Sunday.

STC added that any further developments will be disclosed in due course.

Mubasher Contribution Time: 12-Jul-2020 07:02 (GMT)
Mubasher Last Update Time: 12-Jul-2020 07:59 (GMT)