Vodafone Egypt has denied news rumored that Telecom Egypt has transferred the ownership of its share in Vodafone, amounting to 45%, to the businessman Eng. Khairat Al-Shater. Eng. Khalid Hegazy, Director of Government Relations at Vodafone Egypt, stated that the rumors which have recently been circulated on some news and social networking websites are "illogical." He added that Telecom Egypt currently seeks to choose a new Chief Executive Officer, keep its business volume, and expand into new sectors. Emphasizing that the company does not want to end its business with Vodafone at all. The profits of Telecom Egypt has witnessed a decline of 34% in its shares in Vodafone during the second quarter of this year, compared to the same period of the previous year.
