Following the confirmation over the weekend that Telecom Egypt has offered to buy Vodafone's stake in their Egyptian mobile network, it has been reported that Saudi Telecom Company has also approached Vodafone regarding a sale.
According to the Egyptian newspaper, Al-Shorouq, cited by Al-Masry Al-Youm, there are now five companies interested in bidding for the 55% stake in the mobile network owned by Vodafone.
The stake has been valued at around the £3 billion (US$4.3 billion) mark.
Al-Shorouq quotes anonymous sources saying that the company will go to highest bidder, and that the British company's wish to leave the Egyptian market is not due to political or economic reasons. Rather, Al-Shorouq says, the British investors prefer not to stay too long in a single market.
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