The Clap
The Qatar Investment Authority is negotiating with Telecom Egypt (ETEL) and the government to acquire a share of up to 25% of Vodafone Egypt, according to sources to Asharq.
How
Telecom Egypt owns 45% of Vodafone Egypt, and the remaining 55% is owned by Vodacom, a subsidiary of Vodafone International.
The Egyptian government holds an 80% stake in Telecom Egypt.
Telecom Egypt Denies Offer
Telecom Egypt issued a statement denying that it received any official offers from the Qatar Investment Authority and that it will disclose any offer it receives directly.
Why this Matters
Following the news, the share of Telecom Egypt closed with an increase of 15.78%, reaching EGP 17.68 by the end of the session.
Sources said that Qatar intends to pump $20 billion into the Egyptian economy, of which $5 billion will be used to buy stakes in 3-4 companies listed on the EGX.
Qatar Investment Authority wants a piece of Vodafone 📡
