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Source: Dubai – Arabia.net
Saudi Telecom Company (STC) is negotiating to reduce the non-binding offer of $ 2.39 billion to buy a stake in Vodafone Egypt, sources said according to Bloomberg.
These negotiations are nearing the deadline for the Saudi company “STC” to proceed with the non-binding offer submitted in January, and in July the Saudi company extended the memorandum of understanding, for the second time, for a period of 60 days due to the impact of the Corona virus epidemic.
The Egyptian Capital Market Law requires Saudi Telecom Company to submit a mandatory purchase offer for the entire stake of Vodafone Egypt, including the stake of Telecom Egypt.
Bloomberg said STC said its offer to buy 55% of Vodafone Egypt, which is Vodafone International’s stake, brings the total value of the company to $ 4.35 billion.
The “STC” had extended the memorandum of understanding last April for a period of 90 days. He emphasized that the two companies will work during this period to proceed with transaction procedures, as specified in the memorandum of understanding, and noted that they will announce any substantive developments in a timely manner later.
The Saudi telecommunications company “STC” signed a non-binding memorandum of understanding with “Vodafone Group” on January 29, 2020, with the aim of acquiring “Vodafone” stake in “Vodafone Egypt”, amounting to 55%.
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