Eng. Atef Helmy, the Egyptian Telecom Minister denied any dispute between the Ministry and Telecom Egypt (TE)(ETAL.CA) regarding the last exit of TE from Vodafone Egypt shares which valued at 45% after the acquisition of the fully integrated operator license.
Helmy asserted that 80-90% from the outstanding problems between TE and the three mobile phone operators have been solved.
Helmy has informed Amwal Al Ghad that the exit from Vodafone Egypt is necessary, stressing that the Ministry is reviewing with TE and Vodafone the best scenarios in order to exit from Vodafone which owns 45% of its shares.
He confirmed that the exit of TE’s from Vodafone will be once it is awarded a mobile operator license in accordance with the competition laws.
TE asserted previously that it did not receive any notifications from competent authorities about the obligation to exit its outstanding investment in Vodafone Egypt after the acquisition of the fully integrated telecom operator license.
The company said in a filing that there is no legal basis for such an obligation.
