Vodafone Commits to Long-Term Egypt Strategy

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Despite Telecom Egypt's announcement that it plans to acquire an additional 24.4% stake in Vodafone Egypt, which would give it a 49.9% shareholding in Egypt's second largest mobile operator, Vodafone has dismissed claims that it may be tempted to divest from Egypt, instead referring to it as a "dynamic" market. Telecom Egypt, having failed in its bid for Egypt's third mobile licence, at the hands of Nile Telecom (an Etisalat-run consortium), has said that its investment committee has now approved plans to acquire the extra stake in Vodafone Egypt for EGP5.86bn. At 6.5 times Vodafone Egypt's estimated EBITDA for YE2007,