Telecom Egypt denies selling its 45% stake in Vodafone Egypt
Telecom Egypt (TE) [ETEL.CA] has denied selling its 45% stake in Vodafone Egypt (VFE). TE stated that the 4G licence does not require the company to divest out of VFE as there is no legal obligation to do so. Additionally, TE can retain its board seats in VFE, according to a company statement. (Company disclosure) Telecom Egypt: EGP11.05 as of 13 Dec, Rating: Neutral, TP: EGP10.25/share, MCap: USD1,022mn, ETEL EY / ETEL.CA
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