7 Facts About Telecom Egypt Latest Sale

Egypt just sold 10% of its stake in Telecom Egypt. Here are 7 facts about the deal that you need to know.

Egypt Business Directory | 15.05.2023

1. The Egyptian government has sold a 10% Telecom Egypt (ETEL) stake for nearly EGP 3.95 billion.

2. The sale involved selling more than 170.7 million shares at a price of EGP 23.11 per share.

3. The offering was subscribed by less than 2.5x, indicating weaker-than-expected demand for the shares.

4. Local investors purchased a large portion of the stake, while Arab and foreign investors acquired only a limited number of the offered shares.

5. Prior to the transaction, Telecom Egypt was 80%-owned by the government.

6. This sale marks the first step in the government’s initial public offerings (IPO) program.

7. The remaining 20% of Telecom Egypt's shares are being traded on the Egyptian Exchange (EGX).