2nd Oct 2006 07:03
Telecom Egypt S.A.E02 October 2006 Telecom Egypt Announces the Outcome of its Public Tender Offer to Acquire an Additional Stake of Up To 24.4% of Vodafone Egypt Total Tendered Shares = 56,330,637 Shares Representing 23.47% of Vodafone Egypt Share Capital Bringing the Total Deal Value to EGP 5.63 Billion Cairo, 2nd October, 2006: Telecom Egypt (TE) (Ticker: ETEL.CA; TEEG.LN)announced today that Sunday 1st October 2006 was the end of the tender offervalidity period which TE launched on 21st September 2006 to acquire anadditional shareholding stake of up to 24.4% of Vodafone Egypt. As at the end ofthe tender offer validity period, a total of 56,330,637 shares representing23.47% of Vodafone Egypt have been tendered at a price of EGP 100/share bringingthe total deal value to EGP 5.63 billion. Telecom Egypt will execute the transaction on all tendered Vodafone Egypt sharesin the Cairo & Alexandria Stock Exchange on 11th October 2006. EFG-HermesInvestment Banking acted as the Sole Financial Advisor for Telecom Egypt on thistransaction. Upon execution of the transaction, Telecom Egypt's shareholding stake inVodafone Egypt will reach 48.97% up from the current shareholding stake of25.5%. Commenting on the transaction, Akil Beshir, Chairman & CEO of Telecom Egyptsaid: "Vodafone Egypt is an attractive investment with a great track record. Thismove underlines our determination to extend opportunities for TE in our homemarket just as we continue to explore opportunities in other territories.Increasing our shareholding stake in Vodafone Egypt to this level does not onlyentail more exposure to the fast growing mobile sector in Egypt, but will alsobe followed by discussions with Vodafone Egypt to further capitalize on therelationship between both companies operationally." Ian Gray, CEO of Vodafone Egypt said: "We have always seen TE as potentially a strong partner for the short and longterm. We see this move by TE as a vote of confidence in Vodafone Egypt and afirm commitment towards working with us to achieve great things." - Ends - For further information: Investor Relations Contacts Tarek Tantawy, CFADirector of Investment, Treasury & Investor RelationsTelephone: +202 5788111Fax: +202 5789314 Eman AnisInvestor Relations ManagerTelephone: +202 5788787Fax: +202 5789314E-mail: [email protected] Notes to Editors: About Telecom Egypt Telecom Egypt (TE), Egypt's incumbent telecommunications operator, started itsoperations in 1854 with the first telegraph line in Egypt. Then it wascorporatized in 1998 to replace the former Arab Republic of Egypt NationalTelecommunication Organization (ARENTO). The Company is the largest provider offixed-line services in the Middle East and Africa with 10.6 million subscribersas at the end of June 2006 representing a teledensity of 14.8 percent. TEprovides retail telecommunication services including access, local, longdistance and international voice, Internet and data, and other services. Thecompany also provides wholesale services including bandwidth capacity leasing toISPs, and national and international interconnection services. Telecom Egypt'sservices also include the provision of narrowband and broadband internet accessthrough its subsidiary TE Data. TE Data has current operations in Egypt, Jordan,and Dubai and has ambitious plans in other parts of the MENA region. TE currently participates in the mobile segment in Egypt by providing mobileinterconnectivity and though its current 25.5 percent holding in Vodafone Egypt,one of the two Egyptian mobile operators. TE's shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on the Cairo andAlexandria Stock Exchanges and the London Stock Exchange. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Telecom Egypt S