Saudi Telecom Company, the biggest telecommunications operator in the country by market value, said it could not reach an agreement on a $2.4 billion (Dh8.8bn) deal to buy a 55 per cent stake in Vodafone Egypt within the agreed timeframe.
However, the company agreed to continue discussions with the UK-based mobile carrier Vodafone Group for its stake in the Egyptian telecoms firm, it said in a statement to the kingdom's Tadawul exchange, where its shares trade.
STC said the extension period of the preliminary agreement has ended without reaching an agreement to conclude the transaction due to “misalignment with relevant parties”.
“An understanding has been reached between STC and Vodafone Group to keep the dialogue open”, the statement said.
Vodafone Group said it is looking to “finalise the transaction in the near future”. It “now looks to Saudi Telecom and Telecom Egypt to find a suitable agreement to enable the transaction to close”, Bloomberg cited a separate Vodafone Group statement as saying on Sunday.
In January, STC offered to buy a majority stake in Vodafone's Egyptian unit as part of its regional expansion. It signed a non-binding agreement and extended it in April, citing pandemic-related logistical challenges. The agreement was extended again in July, as “the parties need more time to complete the processes related to the transaction, including the due diligence”.
If a deal were to be agreed, a majority stake in Vodafone Egypt will give STC a foothold in the Arab world's most populous country, as it looks to expand its operation in the region and beyond. Egypt is one of the largest telecoms markets in North Africa, making it a prime target for operators looking to enter high-growth territories.
With 44 million subscribers and a 40 per cent market share, Vodafone Egypt is the North African country's biggest mobile operator. State-run Telecom Egypt holds the remaining 45 per cent stake of the operator.
STC, which is majority owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, mounted an unsuccessful bid in 2013 to acquire a 45 per cent stake in Telecom Egypt. However, analysts said earlier this year that Egypt's state-owned operator could be more willing to sell its stake in Vodafone Egypt after launching its own mobile network, known as ‘We’, in 2017.
In February, Egypt’s Financial Regulatory Authority said STC should make an offer to acquire Telecom Egypt’s remaining stake in Vodafone Egypt if its deal with Vodafone goes through. The regulator cited a 1992 law that would oblige STC to bid for the outstanding shares if a deal materialises.
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
KILLING OF QASSEM SULEIMANI
Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
SPECS
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Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
LIKELY TEAMS
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India (from)
Virat Kohli (captain), Murali Vijay, Lokesh Rahul, Cheteshwar Pujara, Rohit Sharma, Ajinkya Rahane, Hardik Pandya, Dinesh Karthik (wkt), Ravichandran Ashwin, Bhuvneshwar Kumar, Ishant Sharma, Mohammad Shami, Jasprit Bumrah.
