Telecom Egypt denies official offer to sell stake in Vodafone to Qatar sovereign fund

State-run Telecom Egypt (TE) said on Monday its management had not received any official offers from Qatar Investment Authority to buy a share of its stake in Vodafone Egypt.

The statement to the Egyptian bourse came after media reports said the Qatari sovereign investment fund was offering to buy a share of TE’s stake in Vodafone Egypt.

TE added that in case of receiving an offer for its stake in Vodafone Egypt, it will be considered and assessed in cooperation with its financial and legal advisors according to applied procedures and in a way that achieves the greatest benefits to shareholders.

The company also noted that it would disclose any relevant updates immediately.