Dec 09 2005 |
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Telecom Egypt IPO set to raise EGBP4.5bn
Friday, Dec 09, 2005
Telecom Egypt's heavily oversubscribed initial public offering is set to raise more than EGBP4.5bn ($782m) in one of the region's biggest listings and the country's biggest sales of a state-owned asset.
The government sold about 20 per cent of the company to individual investors, institutions and Telecom Egypt workers.
The strong demand is being seen as another example of excess liquidity from the booming oil price chasing regional stocks.
A greenshoe option could raise the cash for the government to more than EGBP5bn.
Another large portion came from the Gulf states, Saudi Arabia and the UAE, with demand from the US and UK as well.
Trading in Cairo, Alexandria and London begins on December 14.
William Wallis in Cairo and Paul Gregan in London
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