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Vodafone Group announced that its discussions with Saudi Telecom Company (STC) regarding the potential sale of Vodafone’s 55% shareholding in Vodafone Egypt have been terminated.

Vodafone Group CEO Nick Read added in a note to the London Stock Exchange: ‘We believe that the Egyptian government is committed to an optimal framework for the telecoms sector, which will enable Vodafone Egypt to deliver on the country’s vision of digitisation and financial inclusion and create a technology hub to support our growth in the African region.’

In September, STC announced that the memorandum of understanding (MoU) signed with Vodafone Group to acquire the latter's 55% stake in Vodafone Egypt expired without reaching a deal.