Telecom delays own GSM network rollout but looks to buy into Vodafone

23 Jun 2003

Vodafone is close to selling a 16% stake in its local GSM operator Vodafone Egypt to fixed line incumbent Telecom Egypt, according to local press reports. If the sale goes ahead, Vodafone will reduce its holding from 67% to 51%, but still retain its controlling stake in the cellco. The sale has aroused suspicion given that Telecom Egypt holds a GSM licence of its own but has been attempting to delay rollout of its network by up to five years.