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While COVID-19 has been wreaking havoc on businesses, UAE-based company, EVOTEQ has been digitally enabling its customers to overcome the ensuing challenges. In an exclusive interview with Telecom Review, Jihad Tayara, CEO, EVOTEQ explained how the company reacted to the impact of COVID-19 and the solutions it has been offering to its customers for them to adapt to the new normal. 

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Companies across the world have been hit hard by the pandemic. The telecoms industry has been absolutely relentless in its efforts to ensure that their consumers, employees and customers are safe and have the means to stay connected.

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COVID-19 updates

Saudi Telecom Company (stc) has paused talks with banks regarding a $2 billion financial package for the acquisition of Vodafone Group’s Egyptian business due to disruption caused by Covid-19.

Sources said that stc remains keen to acquire Vodafone Group’s 55 per cent stake in Vodafone Egypt, after the pair signed an MoU and agreed on a $2.4 billion deal in late January.

The recent downturn in global economies caused by the pandemic has seen stc put talks regarding a debt-based finance package on hold.

stc had been negotiating a $2 billion funding agreement with banks, which could recommence at a later date.

Vodafone Egypt is the country’s largest mobile operator with more than 40 million mobile connections at the end of 2019. While the companies aimed to close the deal by end-June, Telecom Egypt, which holds the remaining 45 per cent stake in Vodafone Egypt, revealed the nation’s Financial Regulatory Authority was not keen to approve any deal which did not see stc take a 100 per cent stake.

Telecom Egypt had stated it was in the process of appointing investment bank(s) to consider all of the possible investment options and opportunities to STC’s acquisition, given its rights that are stipulated in the shareholder agreement.