Vodafone International has signed an agreement to acquire the Vodafone Egypt International Services (VIS) platform, one of Vodafone Egypt’s local subsidiaries in the local market, for EGP 1 billion, as part of its plan to develop its direct investment in outsourcing services in Egypt.
Vodafone Egypt holds 55% of the VIS platform, while 45% of the capital belongs to Telecom Egypt.
The contract was signed by Vodafone Egypt’s CEO Alexander Froman and CEO Rest of the World Vivek Badrinath in the presence of Ayman Essam, Vodafone Egypt’s Head of Legal and External Affairs.
Vodafone is an important partner in the development of the telecommunications and information technology sector in Egypt. The expansion of its investments in Egypt demonstrates the success of the state’s efforts to create an environment conducive to attracting international investment, said Talaat the Minister of Communications and Information Technology in a press release.
He added that this agreement testified the confidence of international companies in the skills of Egyptian youth in the field of outsourcing services, underlining the willingness of the Ministry to develop the activities of companies in the sector.