{"id":555368,"date":"2021-11-11T04:11:21","date_gmt":"2021-11-11T04:11:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/give-me-the-green-light\/"},"modified":"2021-11-11T04:11:21","modified_gmt":"2021-11-11T04:11:21","slug":"give-me-the-green-light","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/give-me-the-green-light\/","title":{"rendered":"Give me the green light"},"content":{"rendered":"

<\/a> Vodafone Group has agreed to transfer its 55% stake in Vodafone Egypt to <\/strong>Vodacom<\/strong>, its sub-Saharan African subsidiary, in a EUR 2.72 bn transaction, according to a company statement<\/a>. The move will \u201csimplify\u201d the management of its African holdings, according to the UK-based parent company. The South Africa-based telecommunications company said it intends to settle 80% of the transaction by issuing new shares, with the remaining 20% settled in cash. Enterprise reached out to Vodafone Egypt yesterday, but was unable to reach a representative for comment before dispatch time. The transaction is expected to conclude before 31 March 2022<\/strong>, Vodafone Group said in its statement.<\/p>\n

What are the next steps?<\/strong> A committee of Vodacom's independent non-executive directors has unanimously approved the transaction and the matter will now require approval from minority shareholders representing 39.5% of the Vodacom shares. Beyond the usual waffle words on conditions precedent, the transactions till needs regulatory approval from Egypt\u2019s National Telecommunications Regulatory Authority (NTRA) as well as the Financial Surveillance Department of the South African Reserve Bank.<\/p>\n

Things are already in motion here:<\/strong> Vodafone Egypt expects to submit a formal request to the NTRA to change the company's ownership structure by Sunday, head of the telecom company\u2019s legal affairs, Ayman Essam, told Hapi Journal<\/a>. The transaction would not entail making any changes to the Vodafone Egypt brand, Essam separately told Al Mal<\/a>.<\/p>\n

Don\u2019t expect Telecom Egypt to get in the way:<\/strong> The EGX-listed telecoms giant still holds a 45% stake in Vodafone Egypt and contractually has a right of first refusal, which would allow it to make a counter-offer. However, the company doesn\u2019t plan to invoke this right<\/strong>, Investor Relations head Sarah Shabayek told Enterprise. TE already signed off on the restructuring after being notified of the agreement back in June. \u201cWe sealed several rights and benefits in advance of the agreement,\u201d Shabayek told us. Vodacom has committed to Vodafone that they will sign a deed of adherence to the shareholders' agreement with Telecom Egypt, according to a statement<\/a>.<\/p>\n

EARNINGS WATCH-<\/strong><\/p>\n

Telecom Egypt generated EGP 2.2 bn in net income during 3Q2021<\/strong>, up 51% from the same period a year earlier, according to the company\u2019s earnings release (pdf)<\/a>. Revenues at the state-owned company rose 22% y-o-y to EGP 9.0 bn during the three-month period.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vodafone Group has agreed to transfer its 55% stake in Vodafone Egypt to Vodacom, its sub-Saharan African subsidiary, in a EUR 2.72 bn transaction, according to a company statement. The move will \u201csimplify\u201d the management of its African holdings, according to the UK-based parent company. The South Africa-based telecommunications company said it intends to settle […]<\/p>\n","protected":false},"author":1,"featured_media":555369,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[214,302,409,72,7128,295,212,467,142,465],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-cit","tag-earnings","tag-earnings-watch","tag-enterpriseam","tag-ma-watch","tag-south-africa","tag-telecom-egypt","tag-vodacom","tag-vodafone-egypt","tag-vodafone-group","wpautop","entry"],"acf":{"mongo_id":"64fb19dc-f090-4b40-844d-01a5cb619e83","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/411.jpg","photo_position":"above","related_issue":[555364],"teaser":"","voice_url":""},"yoast_head":"\nGive me the green light - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/give-me-the-green-light\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Give me the green light\" \/>\n<meta property=\"og:description\" content=\"Vodafone Group has agreed to transfer its 55% stake in Vodafone Egypt to Vodacom, its sub-Saharan African subsidiary, in a EUR 2.72 bn transaction, according to a company statement. 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A majority of shareholders in Vodacom approved the acquisition of the 55% stake in Vodafone Egypt during a general meeting, the Johannesburg-listed company announced in a\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/228.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577925,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/11\/vodacom-closes-acquisition-of-55-stake-in-vodafone-egypt\/","url_meta":{"origin":555368,"position":1},"title":"Vodacom closes acquisition of 55% stake in Vodafone Egypt","author":"enterpriseam admin","date":"11 December 2022","format":false,"excerpt":"Vodacom is Vodafone Egypt\u2019s new majority shareholder: Vodafone Plc\u2019s South African subsidiary, Vodacom, has closed the acquisition of its parent company\u2019s 55% stake in Vodafone Egypt, Al Mal reported on Thursday. The company reportedly acquired Vodafone\u2019s 132 mn shares in Vodafone Egypt in a block trade transaction on the EGX\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/182.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578055,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/vodacom-is-officially-vodafone-egypts-majority-shareholder\/","url_meta":{"origin":555368,"position":2},"title":"Vodacom is officially Vodafone Egypt\u2019s majority shareholder","author":"enterpriseam admin","date":"14 December 2022","format":false,"excerpt":"South Africa\u2019s Vodacom now owns the lion\u2019s share of Vodafone Egypt: Vodafone Group has transferred its 55% stake in its Egyptian unit to its South African subsidiary Vodacom in a EUR 2.37 bn cash and stock transaction, it said in a statement yesterday. The British company received 242 mn shares\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/288.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555330,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/from-cape-to-cairo\/","url_meta":{"origin":555368,"position":3},"title":"From Cape to Cairo","author":"enterpriseam admin","date":"10 November 2021","format":false,"excerpt":"Vodafone\u2019s South African subsidiary is making a play for Vodafone Egypt: Vodacom has made an initial offer to acquire Vodafone Group\u2019s majority stake in Vodafone Egypt, minority shareholder Telecom Egypt said in a statement in the early hours of this morning.The current shareholder structure: Vodafone Egypt is currently 55% owned\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/391.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578922,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/vodacom-snaps-up-another-0-02-of-vodafone-egypt\/","url_meta":{"origin":555368,"position":4},"title":"Vodacom snaps up another 0.02% of Vodafone Egypt","author":"enterpriseam admin","date":"18 January 2023","format":false,"excerpt":"CAPITAL MARKETS- Minority shareholders loath to part with Vodafone Egypt stakes: Vodacom is acquiring an additional 0.02% (49.5k shares) of Vodafone Egypt from minority shareholders for EUR 17.92 a piece after the subscription period on its offer closed yesterday, according to a bourse statement. The South African subsidiary of Vodafone\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/307.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577240,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/vodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt\/","url_meta":{"origin":555368,"position":5},"title":"Vodacom wants to launch its superapp with Alibaba in Egypt","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"Vodacom is already making plans for Egypt: Vodafone\u2019s South African subsidiary plans to launch financial services products in Egypt through its Vodapay superapp that it is developing with Chinese tech giant Alibaba Group, its CEO, Shameel Joosub, told Bloomberg yesterday. The company hopes to soon enter Egypt with the EUR\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/235.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=555368"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555368\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555364"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555369"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555368"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555368"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}