The Egyptian government sold 10% of its stake in Telecom Egypt by inviting subscriptions through the book building mechanism last Thursday, relevant sources told Daily News Egypt.

The sources added that the offered shares were covered twice, in a deal valued at about $128m.

The average value of sold shares amounted to EGP 23.25 per share, provided that the settlement of the deal takes place on 15 May.

Bloomberg International Agency, published last Thursday, that a book building mechanism was opened to offer an additional 10% of Telecom Egypt, with a price range ranging between EGP 22.22-27.16 per share.

The agency added, quoting unnamed sources, that 9.5% of the offering is for investors, while 0.5% is for the company’s employees, with a total number of shares amounting to 170.7 million shares.

The company said in a disclosure last Thursday that it had authorized CEO Mohamed Nasr El-Din to proceed with the procedures for issuing an additional 10% of its capital.

Al-Ahly Pharos and CI Capital acted as brokers for the deal.

The company achieved total combined revenues of EGP 44.3bn during 2022, a growth of 19% compared to 2021, driven by an increase in revenues from retail business units and wholesale business units (a growth rate of 21% and 17%, respectively).

Data services revenues increased by EGP 3.2bn compared to the previous year, with other revenues of the enterprise business unit increasing by EGP 0.9bn. Cable revenues achieved the same increase compared to the previous year.

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