Back to the complete issue
Monday, 23 September 2019

Telecom Egypt could offer an additional stake on the EGX -Talaat

ECM WATCH- The state could look to trim its holdings in telecom operator Telecom Egypt (TE) in a secondary offering on the Egyptian Exchange, CIT Minister Amr Talaat told Hapi Journal and Reuters without specifying a timeframe or providing details on the size of the potential offer. The offering is “under study and there is nothing to prevent it in principle,” he told Hapi. TE later said in a statement to the bourse (pdf) that it has discussed the matter with its principal shareholder but that there remains no concrete plans to move ahead with at the moment. The CIT Ministry originally planned to offer an additional stake in the company in 2010, but plans never went through, Hapi Journal noted. The government, which owns 80% of TE, had offered 20% of the company in an IPO in 2005.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.