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Lack of transportation between Egypt and Saudi Arabia due to coronavirus travel bans have resulted in delaying STC plans to acquire a majority stake in Vodafone Egypt.
Saudi Telecom Company, the biggest telecommunications operator in the kingdom by market value, said it will extend the timeframe for acquiring a majority stake in Vodafone’s Egypt unit by 90 days as it needs more time to complete the deal.
The telecom company confirmed a deal earlier this year to buy Vodafone’s 55 per cent stake in its Egyptian unit for $2.4 billion (Dh8.8bn) as part of its regional expansion.
STC announces that due to the logistical challenges caused by the Covid-19 pandemic, the parties need more time to complete the processes related to the transaction.
