February 23, 2024

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Egypt sells 9.5% stake in Telecom Egypt for $121 million

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The shares had been priced at 23.11 Egyptian kilos every, in response to a separate submitting. Egypt plans to supply an extra 0.5 per cent for firm staff to purchase.

The providing, which had been mentioned in March, represents a key step within the authorities’s plan to promote state belongings in a bid to lift sorely-needed money. Officers had outlined a listing of 32 firms, together with a number of banks and two military-affiliated firms, that had been earmarked to be offered. Little progress had been made, elevating fears that the nation would delay shifting forward with this system.

The push is a part of a broader effort to revamp Egypt’s struggling financial system, which has seen the forex devalued thrice since March 2022, a transfer that helped safe a $3 billion program from the Worldwide Financial Fund. Bookbuilding for the providing of Telecom Egypt shares, through which the federal government held an 80 per cent stake, started late final week. Officers marketed the worth vary of the shares at 22.22 kilos to 27.16 kilos.

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