(Ecofin Agency) - Vodafone Group engaged talks with Saudi Telecom Company (STC) to divest the 55% shares it holds in its Egyptian subsidiary. The information was announced by the CEO of Vodafone Group, Nicholas Read, following a meeting with the Egyptian Prime Minister and the Minister of Communications and Information Technology.

Since 2013, STC has tried to enter the Capital of Vodafone Egypt. That year, the Saudi company had engaged talks with Telecom Egypt to buy the State-run operator’s 45% share in Vodafone Egypt but no deal was signed. 

According to Nasser Sulaiman Al Nasser, CEO of STC, the potential acquisition of Vodafone Egypt is in line with his company’s expansion strategy in the MENA region. “Vodafone Egypt is the leading player in the Egyptian mobile market and we look forward to contributing further to its continuing success,” he said.