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Friday, 12 March 2010 11:03 UAE time

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Vodafone takes control in Egypt

by ArabianBusiness.com staff writer  on Sunday, 03 December 2006

Vodafone has taken majority control of its Egyptian subsidiary Vodafone Egypt. The UK operator has acquired a near 5% stake in Vodafone Egypt from Telecom Egypt, boosting its overall share in the operator to 55%.

“This agreement will also allow Telecom Egypt to maintain a substantial portion of the international voice services volumes from Vodafone Egypt after the liberalisation of international gateway services in Egypt,” said Akil Beshir, chairman and CEO of Telecom Egypt.

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