Ahmed Essam – the company’s new CEO, who was appointed this month – said the company will finance the plans from its existing funds.
Vodafone Egypt is majority owned by the UK group and 45%-owned by Telecom Egypt, the country’s leading operator with 86 million subscribers
Egypt is presently undergoing major reforms and regulators are in the process of finalising a unified licence to allow companies to offer mobile and landline services.
Telecom Egypt has a one-year deadline in which to sell its stake in the company after the unified licence is in place.
After the licence is finalised, Telecom Egypt will be able to offer mobile services and sell off access to its fixed-line network.
According to Reuters, Vodafone Egypt is still in the process of deciding whether it will offer landline services.
Essam did not give further details on Telecom Egypt’s stake in the company.
