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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.

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