ArabFinance: Saudi Telecom Company (stc) will submit its final non-binding offer for a 55% stake in Vodafone Egypt before the end of September, the local press quoted sources familiar with the talks.

Sources added that the deadline to execute the transaction is likely to be extended until the end of the year.

stc is in talks to cut its non-binding $2.39 billion offer for a stake in Vodafone Egypt, two people with direct knowledge of the matter told Bloomberg on September 7th.

The Saudi company reportedly pushed in July the memorandum of understanding for 60 days due to the coronavirus pandemic.