According to the company's statement to the Saudi market (Tadawul) today, Sunday, STC said that the new extension period will continue until next September.
The company had signed a non-binding agreement last January to buy the stake for $ 2.4 billion, but it extended the process for 90 days in April 2020, due to what it said was Logistical challenges arising from the outbreak of the emerging coronavirus (Covid 19).
The Public Investment Fund, the Saudi sovereign wealth fund, owns a majority stake in Saudi Telecom.
As for Vodafone Egypt, it is the largest mobile operator in the country with 44 million subscribers, with a share of 40% of the Egyptian market.
