Telecom Egypt has right of first refusal granted in Vodafone Egypt's statute

13 Feb 2020

ArabFinance: Telecom Egypt (ETEL) confirms that it has contacted the management of Vodafone Egypt to confirm the accuracy of the published news, which in turn clarified that it has indeed sent a letter to the Egyptian Competition Authority (ECA) inquiring whether Telecom Egypt’s right of first refusal granted to the Company in the articles of association of Vodafone Egypt, if exercised, would be compatible with the Competition Protection Law.

Telecom Egypt asserts that it has studied its legal position and confirms all the rights that it has disclosed to its shareholders including:

  • its right of first refusal granted in the shareholders’ agreement and the articles of association of Vodafone Egypt;
  • the right to accept a mandatory tender offer in accordance with the letter received from the Egyptian Financial Regulatory Authority in regards to the application of Chapter 12 of the Executive Regulations of the Egyptian Capital Market Law No. 95 / 1992 regarding tender offers; and
  • any other rights guaranteed by the relevant Egyptian laws and the shareholders’ agreement.

Telecom Egypt reiterates that it will take all necessary measures to ensure the maximum benefit from these rights for all of its shareholders. Telecom Egypt shall announce any developments in this regard in the interest of transparency and consistent disclosure.

arabfinance

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