Well-informed sources said that the Egyptian government plans to sell an additional 10% stake in the state-affiliated Telecom Egypt during the current month.
Bloomberg quoted the sources as saying that the company will start receiving purchase orders, especially from international investment institutions, during the current week, and the shares will be listed on the Egyptian Stock Exchange.
Bloomberg Agency stated that the Egyptian government set a guide price for the offering at the level of 22.25 pounds, with a discount of 3.8% from the last closing of Telecom Egypt’s stock on the stock exchange, which amounted to 23.14 pounds per share.
It stated that it was unable to reach representatives of Telecom Egypt to comment on this news, while the Ministry of Communications and Information Technology refused to comment on it.
She indicated that this proposal, which was discussed last March, is one of the options available to the government to collect the funds it needs, and it will be an important step in the process of the state’s exit from some economic sectors as part of the reform program agreed upon by the International Monetary Fund, which aims to increase the opportunity available to the government. The private sector for growth and attracting foreign investment.
It is noteworthy that the government owns 80% of Telecom Egypt’s shares, and it was not among the initial list of 32 companies that the government said it intends to sell in whole or in part.
Telecom Egypt also owns 45% of the shares of the mobile phone company, Vodafone-Egypt, which officials are considering selling, in whole or in part, to investors from the Gulf countries.
Source: RT