Telecom Egypt has no plans to sell Vodafone stake in medium term

Telecom Egypt (TE) has no plans to sell off its 45% stake in Vodafone Egypt this year, a company official told Daily News Egypt.

'We don't have any intention to exit from Vodafone in the medium term,' the source explained.

TE would only sell their stake in Vodafone Egypt if it reaches a 'critical mass' in the mobile operator market, the source added.
The company's decision whether to hold onto its 45% stake in Vodafone Egypt cannot cause any conflict of interest, the source noted, adding that TE is not aware of Vodafone Egypt's plans during board meetings.

'TE is working on reinforcing their customer base of the mobile market to reach 15% by 2022 from only 2% now.'
Beltone Financial expected in a January research note that TE to offload its stakes 'after securing solid ground in the mobile market' of over 7% this year.