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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.
Telecom Egypt © Wikimedia commons

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).