(Adds details, background)
CAIRO, Jan 28 (Reuters) - Vodafone Group is to sign
a memorandum of understanding with Saudi Telecom for
the possible sale of a stake in Vodafone Egypt, the
Egyptian cabinet said in a statement on Tuesday.
The announcement came after a visit to Egypt by Vodafone CEO
Nick Read. Vodafone Group holds a 55% stake in Vodafone Egypt,
with the remaining 45% held by Telecom Egypt.
Telecom Egypt said on Sunday it had no intention of selling
its stake.
Neither company immediately commented on the government
statement, which gave no details or valuation for a possible
stake sale.
The cabinet statement quoted Read as saying the eyed stake
sale came as part of the firm’s strategy to exit some major
markets.
(Reporting by Moamen Said Atallah
Writing by Aidan Lewis and Ulf Laessing
Editing by Chris Reese and Chizu Nomiyama)
Vodafone (VOD)