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FinancialNews
16-05-23
Egypt Sells Stake in Telecom Egypt, Boosting Privatization Efforts, Meeting Debt Obligations
(MENAFN) Egypt's government has successfully sold a 9.5 percent stake in the state-controlled Telecom Egypt, generating 3.75 billion Egyptian pounds (USD121.6 million), according to the finance ministry. This development injects momentum into Egypt's privatization program, which had previously encountered setbacks. The proceeds from these asset sales are crucial for Egypt to fulfill its foreign debt obligations in the coming months. Prime Minister Mostafa Madbouly had pledged on April 29 to sell assets worth $2 billion by the end of June, and the sale of Telecom Egypt represents the second such transaction.
This privatization drive aligns with Egypt's commitment to the International Monetary Fund (IMF) under a $3-billion, 46-month financial support package initiated in December. As part of this agreement, Egypt vowed to reduce the state's intervention in the economy and provide greater opportunities for private companies. By divesting from state assets, Egypt aims to attract private investment, stimulate economic growth, and create a more dynamic business environment.
The sale of 162.2 million shares of Telecom Egypt was executed at a price of 23.11 pounds per share, as confirmed by the stock exchange. The subscription for the shares was oversubscribed by 3.11 times, indicating strong investor interest. Additionally, a 0.5 percent stake is currently being offered to Telecom Egypt employees until May 25, further involving the company's workforce in its ownership.
Telecom Egypt holds a significant position in the telecommunications sector as the first operator in Egypt to provide comprehensive telecom services to customers, including fixed and mobile voice and data services. Furthermore, the company owns a 45 percent stake in Vodafone Egypt, further consolidating its presence in the telecom industry.
MENAFN16052023000045014228ID1106250731
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