Telecom Egypt: We have not received any offers from Vodafone or Saudi Telecom

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Cairo – Mubasher: Telecom Egypt confirmed (ETEL), That it did not receive any offers from the two parties to the deal between 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 published today, pointing out that any implicit indication that there is any role for Telecom Egypt in helping Vodafone International and Saudi Telecom Company to complete the deal is unclear. It has no basis.

The company stated: “Further to the statements issued by Telecom Egypt regarding the intention of Vodafone International Group to dispose of its stake in Vodafone Egypt, and our emphasis on closely following up the potential deal and studying the options available to us in this regard, Telecom Egypt has learned today that a memorandum has expired. The understanding between the Vodafone Global Group and the Saudi Telecom Company and not renewing it from multiple media sources.

And she continued, “Accordingly, Telecom Egypt has not determined the final path it will take in this regard, which may depend on the terms of any offer that may be submitted to it in this regard, and we confirm that the Board of Directors of Telecom Egypt, in accordance with its legal obligations, will always make its decisions based on The interest of the company and its shareholders and pursuing options that contribute to maximizing their interests.

The Egyptian Telecom Company stated that it had thoroughly studied all options available to it, and it also studied and analyzed its rights in accordance with the concluded agreements and applicable laws.

The Egyptian Telecom Company confirmed its ability to implement a number of strategic options while preserving the interests of the company and its shareholders, and these options include without limitation the following: Exercising the right of pre-emption guaranteed to it in accordance with the shareholders’ agreement concluded with Vodafone Global and the Articles of Association of Vodafone Egypt, considering accepting any compulsory purchase offer According to Chapter Twelve of the Executive Regulations of the Capital Market Law No. 95 of 1992 concerning offers to buy with intent to acquire and confirmed according to the letter of the Financial Supervisory Authority in this regard, in addition to any other rights available to Telecom Egypt in accordance with the relevant Egyptian laws and the shareholder agreement.

It is noteworthy that the company achieved profits of 2.059 billion pounds during the first six months of 2020, compared to profits of 2.12 billion pounds in the comparative period of 2019.

The company’s revenues rose during the period by 18%, to 14.94 billion pounds, compared to 12.69 billion pounds in the comparative half of last year.

During the second quarter of 2020, the company’s profits reached 746 million pounds, compared to 512 million pounds in the comparative quarter of 2019, an increase of 46%.

At the level of independent businesses, the company’s half profits reached 987.2 million pounds, compared to profits of 5.03 billion pounds in the first half of last year.

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