7 Facts About Telecom Egypt Latest Sale
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).