Vodafone Group announced its plans to sign a memorandum of understanding (MoU) with Saudi Telecom Co. (STC) for the possible sale of a stake in Vodafone Egypt, Reuters reported, citing a statement from the Egyptian cabinet.

 

The announcement came after a visit to Egypt by Vodafone CEO Nick Read, where he met Prime Minister Mostafa Madbouly, in the presence of Minister of Communications and Information Technology.

 

The cabinet statement quoted Read as saying that the stake sale came as part of the firm’s strategy to exit some major markets, also adding that Vodafone will continue to provide other services in Egypt.

 

Vodafone Group holds a 55% stake in Vodafone Egypt, with the remaining 45% held by Telecom Egypt.

 

Telecom Egypt said on Sunday it had no intention of selling its stake.

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