February 23, 2024

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Egypt is claimed to plan promoting additional 10% stake in Telecom Egypt

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The federal government has set the indicative worth for the providing at 22.25 Egyptian kilos per share, they mentioned, representing an providing dimension of about 3.8 billion kilos ($122.8 million). That represents a reduction of three.8 per cent to Telecom Egypt’s final shut of 23.14 kilos.

Representatives for Telecom Egypt couldn’t be reached for remark. The nation’s communications and data know-how ministry declined to remark.

The providing, which had been mentioned in March as one possibility to boost funds, will mark an vital step in a drawn out course of to promote state corporations as a part of a authorities push to exit some sectors, make room for personal sector progress and entice worldwide buyers.

Telecom Egypt is 80 per cent owned by the federal government and hadn’t been included on an preliminary record of 32 state enterprises up on the market. The corporate additionally holds a forty five per cent stake in Vodafone Egypt, which officers have been contemplating to dump – in whole or partially – to Gulf-based buyers.

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