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Cairo – Mubasher: Telecom Egypt (ETEL) confirmed that it had not received any offers from the two parties to the agreement between the Vodafone Group and the Saudi Telecom Company, confirming that it was not informed of the details of the discussions and the terms of the negotiation between the two parties.
Telecom Egypt stated in a statement issued today, Sunday, that it is not in a position to comment on media news or statements released today, noting that any implied indication that Telecom Egypt has any role in helping Vodafone International and Saudi Telecom Company complete the agreement is unclear. It has no basis.
The company stated: “In addition to the statements issued by Telecom Egypt regarding the intention of Vodafone International Group to divest its stake in Vodafone Egypt, and our emphasis on closely following the potential deal and studying the options available to us at this In this regard, Telecom Egypt learned today that a memorandum has expired The understanding between Vodafone Global Group and Saudi Telecom Company and not renew it from multiple media sources.
And he continued: “Consequently, Telecom Egypt has not determined the final path that it will take in this regard, which may depend on the terms of any offer presented to it in this regard, and we confirm that the Board of Directors of Telecom Egypt, in accordance with their legal obligations, they will always make their decisions based on the interest of the company and its shareholders and the search for options that help maximize their interests.
The Egyptian Telecom Company stated that they had thoroughly studied all available options, and also studied and analyzed their rights under the agreements entered into and applicable laws.
The Egyptian Telecom Company confirmed its ability to implement a series of strategic options preserving the interests of the company and its shareholders, and these options include, but are not limited to, the following: Exercise the guaranteed right of first refusal in accordance with the shareholders agreement entered into with Vodafone Global and the bylaws of Vodafone Egypt, considering accepting any mandatory purchase offer. In accordance with Chapter Twelve of the Executive Regulation of the Capital Market Law No. 95 of 1992 on purchase offers with the intention to acquire and confirmed in accordance with the letter from the Financial Supervisory Authority in this regard, in addition to any other right available to Telecom Egypt in accordance with relevant Egyptian laws and shareholders agreement.
Notably, the company achieved earnings of 2,059 million pounds during the first six months of 2020, compared to earnings of 2,120 million pounds in the comparative period of 2019.
The company’s revenue increased over the period by 18%, to 14.94 billion pounds, compared with 12.69 billion pounds in the comparative half of last year.
During the second quarter of 2020, the company’s profit reached 746 million pounds, compared to 512 million pounds in the comparative quarter of 2019, an increase of 46%.
At the independent business level, half of the company’s profits totaled 987.2 million pounds, compared with 5.03 billion pounds in the first half of last year.
Nominations:
219 million pounds are investments of Amiriya Petroleum during 2019-2020
$ 360 million of Alexandria Petroleum exports during 2019-2020
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