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.