Telecoms Ministry considering transfer of TE’s stake in VFE to TE subsidiary
The government is considering the transfer of Telecom Egypt’s (TE) [ETEL.CA] 45% stake in Vodafone Egypt (VFE) to a subsidiary company of TE called TE Holding for Investments, Reuters quoted the Minister of Communications and Information Technology, Yasser El Kady, as saying. The government’s aim is to end the conflict of interest arising from TE simultaneously being an investor in and competitor to VFE. (Reuters, Al Mal) Telecom Egypt: EGP9.90 as of 24 November 2016, Rating: Neutral, FV: EGP10.25 per share, MCap: USD977mn, ETEL EY / ETEL.CA
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