The telecoms operator signed a deal to purchase Vodafone Egypt for $2.4bn in January.
State-backed telco Saudi Telecom Company said on Sunday it would need another two months to complete the purchase of Vodafone Group’s 55% stake in Vodafone Egypt, according to Reuters.
Earlier in January, STC signed a non-binding agreement to buy a majority stake for $2.4bn in Vodafone Egypt, but extended the process in April by 90 days, citing logistical challenges caused by the coronavirus pandemic.
In a statement, STC said it was extending this period again until September for the same reasons.
Vodafone Egypt is the country’s biggest mobile operator with 44m subscribers and a 40% market share.
STC is majority owned by Saudi Arabia’s state fund the Public Investment Fund (PIF).
