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Saudi Telecom Company (stc) is in discussions to reduce its non-binding USD 2.39 billion offer for a stake in Vodafone Egypt.

The discussions come as a deadline nears for stc to move ahead with the non-binding offer first made in January. In July, the Saudi extended the memorandum of understanding for 60 days because of the effects of the COVID-19 pandemic.

The cash offer is for Vodafone's 55 percent stake in Vodafone Egypt, the remaining part of which is held by state-owned Telecom Egypt. stc had said that the offer gives the Egyptian business an enterprise value of & 4.35 billion.

The two people, who include an Egyptian official, did not provide additional details and requested anonymity because they were not authorized to comment on the talks.

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