Telecom Egypt Jumps to Four Month High on Vodafone Sale Plan - Bloomberg

Telecom Egypt Jumps to Four Month High on Vodafone Sale Plan - Bloomberg:



"Telecom Egypt shares rallied to the highest close since April after the government said it will sell the company’s stake in a local unit of Vodafone Group PLC (VOD), allowing it to offer mobile services.



The stocks climbed 4.7 percent, the most since June 5, to 14.84 Egyptian pounds at the close in Cairo, giving the company a market value of 25.3 billion pounds ($3.5 billion). The benchmark EGX 30 Index added 0.2 percent to 9,650.43.



The monopoly fixed-line phone company, majority-owned by the government, will sell its holding in Vodafone Egypt by the end of 2015, the Egyptian Cabinet said in an e-mailed statement yesterday. Officials also approved the issuance of a license that lets Telecom Egypt become the fourth mobile services provider and allows local units of Vodafone, Orange SA (ORA) and Emirates Telecommunications Corp. (ETISALAT) to sell land lines."



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