FILE PHOTO: A man wearing a protective face mask waits with others outside a branch of Vodafone Egypt Telecommunications Co, amid concerns over the coronavirus disease , in the Cairo suburb of Maadi, Egypt April 22, 2020. REUTERS/Amr Abdallah Dalsh
DUBAI - Saudi Arabia’s largest telecoms operator Saudi Telecom Co said on Sunday 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 $2.4 billion, but extended the process in April by 90 days, citing logistical challenges caused by the coronavirus pandemic.Vodafone Egypt is the country’s biggest mobile operator with 44 million subscribers and a 40% market share.Reporting by Alexander Cornwell; Editing by Raissa Kasolowsky
Vodafone is one of the most biggest mobile communication corp and Saudi telecom would be benefit more from the stake.
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