ArabFinance:  Telecom Egypt (ETEL) stated it is in the process of appointing an investment bank(s) to study all of its possible investment options and opportunities pertaining to the STC's potential acquisition of Vodafone Group's stake in Vodafone Egypt. 

Concurrently, Telecom Egypt has contacted the Financial Regulatory Authority (FRA), as per the recommendation of its legal advisor, to determine whether this potential transaction would be subject to the provisions of Chapter Twelve of the Executive Regulations of the Egyptian Capital Market Law No. 95 / 1992 regarding tender offers. The FRA has, in turn, asserted that the potential transaction is subject to the provisions of the aforementioned Chapter (FRA Letter Attached).

Telecom Egypt reiterates that all options are still being considered and studied, and that its main goal is to ensure that its shareholders gain the maximum benefit out of the opportunities currently presented. Telecom Egypt shall announce any results it reaches in this regard in due course.