Saudi Telecom Company (stc) said it would need another two months to complete the purchase of Vodafone Group's 55 percent stake in Vodafone Egypt.
stc said in a bourse statement that logistics challenges caused by the COVID-19 pandemic meant both parties need more time to complete the required procedures, including due diligence. Any material development with respect to the transaction would be announced to the bourse in due course.
stc signed a non-binding agreement in January to buy the majority stake for USD 2.4 billion, but extended the process in April by 90 days, citing logistical challenges caused by the coronavirus. STC now says it is extending this again until September for the same reasons.
Vodafone Egypt is the country's biggest mobile operator with 44 million subscribers and a 40 percent market share.