0
Wireless

Egyptian competition body to study TE's preemption claims in sale of Vodafone Egypt to STC

Thursday 13 February 2020 | 10:29 CET | News

Egypt's Competition Authority (ECA) says it will study a request filed by Telecom Egypt claiming the right of preemption in the potential sale of a majority stake in Vodafone Egypt to the Saudi Telecom Company (STC), Ahram Online reported. The watchdog said it received a request from TE and is willing to undertake the necessary legal action according to the competition law and its executive regulations. 

STC signed an MoU in January with Vodafone International to buy 55 percent of the shares of Vodafone Egypt, with an initial value of USD 2.39 billion. Telecom Egypt owns 45 percent of Vodafone Egypt’s shares. 

TE said that it has contacted the management of Vodafone Egypt to confirm that it has sent a letter to the ECA inquiring whether TE’s right of first refusal, granted to the company in the articles of association of Vodafone Egypt, would be compatible with the Competition Protection Law.

TE stated that it has studied its legal position and confirmed all the rights that it has disclosed to its shareholders. These include its right of first refusal granted in the shareholders’ agreement and the articles of association of Vodafone Egypt;  the right to accept a mandatory tender offer in accordance with the letter received from the Egyptian Financial Regulatory Authority; and any other rights guaranteed by the relevant Egyptian laws and the shareholders' agreement.

TE reiterated that it will take all necessary measures to ensure the maximum benefit from these rights for all of its shareholders. 



Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Categories: Mobile & Wireless
Companies: Saudi Telecom / Telecom Egypt / Vodafone / Vodafone Egypt
Countries: Egypt / Saudi Arabia
::: add a comment

Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


Related

Egypt financial regulator says STC must offer to buy remaining 45% in Vodafone Egypt

Published 07 Feb 2020 10:15 CET | Egypt
Egypt's Financial Regulatory Authority (FRA) says Saudi operator STC must offer to buy the remaining 45 percent of Vodafone Egypt ...

Telecom Egypt to appoint bank to study options for Vodafone Egypt stake sale

Published 05 Feb 2020 09:26 CET | Egypt
Telecom Egypt says it is in the process of appointing an investment bank to consider options for the company following Vodafone ...

Vodafone Egypt stake sale to STC requires telecoms watchdog approval

Published 31 Jan 2020 09:24 CET | Egypt
Egypt's telecommunication industry regulator says it will have to approve the sale by Vodafone of its 55 percent stake in ...

Telecom Egypt mulls alternatives for managing investments in Vodafone Egypt

Published 31 Jan 2020 09:22 CET | Egypt
Telecom Egypt is studying available alternatives to manage its investments in Vodafone Egypt, Mubasher reported. The company said ...





Calendar   /   Industry Events

18 Feb Magyar Telekom Q4 2019
18 Feb Hrvatski Telekom Q4 2019
18 Feb Ceva Q4 2019
18 Feb TiVo Q4 2019
18 Feb Vonage Q4 2019
18 Feb Smartone H1 results
19 Feb Dish Network Q4 2019
19 Feb OTE Q4 2019
19 Feb Spark H1 results
19 Feb Technicolor Capital Markets Day
19 Feb Telefonica Deutschland Q4 2019
19 Feb Telefonica Brasil Q4 2019
19 Feb Ribbon Communications Q4 2019
19 Feb Gilat Satellite Networks Q4 2019
19 Feb Analog Devices fiscal Q1
19 Feb Deutsche Telekom Q4 2019
19 Feb CyrusOne Q4 2019
19 Feb Future Generation Optical Transport Networks Summit 2020
20 Feb Axiata Q4 2019
20 Feb Starhub Q4 2019
20 Feb Windstream Q4
20 Feb Bouygues Q4 2019
20 Feb Interdigital Q4 2019
20 Feb EchoStar Q4
20 Feb Consolidated Communications Q4 2019
20 Feb Commscope Q4 2019
20 Feb SBA Communications Q4 2019
20 Feb Intelsat Q4 2019
20 Feb Liberty Latin America Q4 2019
20 Feb OTE EGM
::: More Calendar Items