Ministry of Finance considers selling more stake in Telecom Egypt

The Ministry of Finance is considering selling another 10 percent to 15 percent of Telecom Egypt (TE) to investors and the sale is expected to happen before the end of the year, according to local media reports.

The Ministry of Finance sold 162.2 million shares of Telecom Egypt in May 2023 at a price of LE 23.11, with a total value of LE 3.7 billion, marking the first deal to be implemented within the framework of the government’s IPO program.

Egypt sold a 10 percent stake in the company via the Egyptian Exchange (EGX), reducing the finance ministry’s stake to 70 percent.

The government of Egypt aims to collect almost $5 billion from the proceeds of the IPO program until June 2024.

The government has previously announced in August that it is looking to offer the Gabal El-Zeit wind energy station, valued at $300 million, proposition to potential investors, as well as Zafarana wind farms whose offering is set to conclude in December 2023.

On Tuesday, Egypt’s planning minister announced that Egypt received 5 offers from investors interested in buying the Gabal El-Zeit wind farm with a capacity of 580 megawatts.