Etisalat Egypt considers floating in Egyptian Stock Market: CFO

Etisalat Egypt is considering listing its shares on Egypt's stock exchange (EGX), a move that the company's chief financial officer Ehab Rusdhi says would be a vote of confidence in Egypt's economic hopes.

Rushdi said that the mobile services company's inquiries into EGX are due to the Egyptian bourse's recent positive performance.

However, he voiced concerns of unexpected economic turbulence in the future, which would likely see the company list its shares elsewhere, according to Al-Ahram's Arabic news website.

Still, if Etisalat Egypt undertakes its Initial Public Offering (IPO) in the EGX, it would be the only listed mobile service company in the country, after the delisting of telecom company Mobinil, which Rushdi said would be a competitive advantage.

Before the January 2011 uprising, Etisalat Egypt had been consulting with eight investment banks on the public offering, which was intended for capital expansion.

However, resultant political developments have taken their toll on Egypt's stock exchange, bringing trading volumes to lows not seen in 10 years.