Egypt postpones Telecom Egypt’s stake sale amid market volatility

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Five sources familiar with the matter told Asharq Business on March 20th

Staff Writer, Arab Finance

PHOTO

The Egyptian government has decided to put off the sale of a stake in Telecom Egypt until the global markets’ conditions stabilize, five sources familiar with the matter told Asharq Business on March 20th.

Earlier this month, it was reported that the government named financial and legal advisors to manage the sale of a minority stake in the company.

Unnamed sources previously told Reuters that Egypt was offering to sell a 10% stake in the operator, with the sale being managed by local investment banks CI Capital and Ahly Pharos.

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