Egypt revives plans to sell 10% in Telecom Egypt

Reuters Images/Amr Abdallah Dals

In 2022, Telecom Egypt recorded a consolidated net profit attributable to the company’s owners of EGP 9.182 billion in 2022

Staff Writer, Arab Finance

May 11, 2023

EGYPT TELECOM

PHOTO

Egypt has reconsidered selling an additional 10% stake in state-run Telecom Egypt (ETEL) through a share sale this month, Bloomberg reported on May 10th, citing unnamed sources familiar with the matter.

Egypt has set the offering size at about EGP 3.8 billion, implying an indicative price of EGP 22.25 per share, according to the sources.

On March 6th, it was reported that the Egyptian government decided to put off the sale of a stake in Telecom Egypt until the global markets’ conditions stabilize.

The government owns 80% of Telecom Egypt, while the remaining 20% of the company's shares are being traded on the Egyptian Exchange (EGX).

In 2022, Telecom Egypt recorded a consolidated net profit attributable to the company’s owners of EGP 9.182 billion in 2022, up 9.09% year on year (YoY) from EGP 8.417 billion in 2021.

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