Telecom Egypt says focus is on growth, not Vodafone stake

Telecom Egypt Co. has no immediate plans to sell its stake in Vodafone Egypt and will focus on growing its share of the mobile market to as much as 15 percent by 2022, the company’s senior investor relations director said.

The decision to keep or sell its 45 percent stake in Vodafone Egypt cannot be made “blindly,” Sarah Shabayek, said in an interview. The state-owned firm sees no conflict of interest in holding onto the stake, despite being in competition with Vodafone, as it’s not privy to the company’s plans during board meetings, she said.

“Vodafone Egypt is a very good investment,” Shabayek. “A sale would only be considered if we reach a critical mass in the mobile market to the extent that we start cannibalizing on such investment.”