Vodafone sells Egypt stake to Saudi group for US$2.4b

LONDON, Jan 29 — British telecoms group Vodafone today said it had agreed to sell its majority stake in its Egyptian unit to Saudi Telecom Company for US$2.4 billion (RM9.7 billion).

“This transaction is consistent with our efforts to simplify the group to two differentiated, scaled geographic regions — Europe and sub-Saharan Africa,” Vodafone chief executive Nick Read said in a statement.

He added that the cash sale for the 55-per cent holding in Vodafone Egypt would additionally reduce group debt and unlock value for Vodafone shareholders.

Vodafone’s share price was up 0.4 per cent at 157.28 pence following the announcement. — AFP