Sources connected to the government’s IPO programme have said that the government aims to earn $2bn from the sale of either Telecom Egypt’s stake in Vodafone Egypt or the Beni Suef power station before the end of this month.
The government has so far raised about $175m from the IPO programme by selling shares in Pachin at a value of $25m, and 10% of Telecom Egypt at a value of $150m last month, but most of these earnings were in Egyptian pounds.
The sources added to Daily News Egypt that Telecom Egypt, which is 70% owned by the government, intends to sell all its shares in Vodafone Egypt, amounting to about 45%.
The sources added that there are currently negotiations with the Qatar Investment Authority about the evaluation, and expectations indicate that it amounts to about $3bn for the entire company, but the final evaluation has not yet been settled.
EFG Hermes plays the role of the financial advisor to Telecom Egypt in the deal, and the office of Adsero Ragy Soliman and Partners for Legal Consultations plays the role of the company’s legal advisor, according to the sources.