Egypt army says to hand over power in ceremony end-June

CAIRO (Reuters) - Egypt's ruling military council said on Monday that the army will hold a ceremony to hand over power to the country's newly elected president at the end of June, the state news agency MENA said.

The Muslim Brotherhood said its candidate Mohamed Morsy, 60, had won the election against military rival Ahmed Shafik, 70, whose campaign refused to concede defeat and accused Morsy of "hijacking the election."

"The army will hand over power to the elected president in a big ceremony end-month that the entire world will witness," Major-General Mohamed El Assar, a member of the ruling army council, was quoted by MENA as saying. "Egypt is a modern democratic country that upholds all democratic values."

Official results are yet to come out, and the statement did not name the new president. It is the first comment on the elections by the ruling council since initial results came out early morning.

(Reporting by Ali Abdelatti; writing by Shaimaa Fayed)