Telecom Egypt issues explanatory statement regarding offering new stake in stock exchange
Telecom Egypt issued an explanatory statement regarding what is being circulated about the Egyptian government's intention to offer 10 percent of its 80 percent stake in the company's capital.
The company said in a statement, Tuesday, that it had contacted the main shareholder, which is the Ministry of Finance, which stated that the matter did not go beyond a preliminary study that is still in its infancy and preliminary stages.
It confirmed that it had not taken any official decisions regarding this statement; which may lead to the conclusion of this study to the futility of moving forward with this proposition.
The Egyptian company explained that the main shareholder's thinking of offering part of Telecom Egypt came within the framework of what was included in the state ownership policy document on maximizing government resources through the assets owned by it.
Informed sources told Reuters on Monday, Egypt is offering a 10 percent government-owned stake in Telecom Egypt for sale.