JARAA'IDJARAA'ID
Notification Show More
Latest News
Ajax’s Eredivisie home game with Feyenoord to be completed behind closed doors after being abandoned
Sports
US and Kenya sign defence deal ahead of possible Haiti mission
Africa
Moody’s warns federal shutdown would be ‘negative’ for US debt rating
Business
Roger Federer exclusive – ‘I loved every moment’ – Tennis legend reflects on career and what he misses after Laver Cup
Sports
Ron DeSantis and Gavin Newsom to debate in November, Fox News says
United States
Aa
  • Home
  • Local News
  • Africa
  • United States
  • Europe
  • Asia
  • Sports
  • Videos
  • Live Score
  • More
    • Business
    • Market Data
      • Stocks
      • Commodities
      • Cryptocurrency
      • Forex
    • Weather
Reading: Egypt offers to sell 10% government stake in Telecom Egypt – sources
Share
Aa
JARAA'IDJARAA'ID
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Business
  • Sports
  • Videos
Search
  • Home
  • Local News
  • Videos
  • World
    • Africa
    • United States
    • Europe
    • Asia
  • Market Data
    • Stocks
    • Commodities
    • Cryptocurrency
    • Forex
  • More
    • Sports
    • Business
    • Weather
    • Live Score
Have an existing account? Sign In
Follow US
JARAA'ID > Africa > Egypt offers to sell 10% government stake in Telecom Egypt – sources
Africa

Egypt offers to sell 10% government stake in Telecom Egypt – sources

News Room
Last updated: 2023/03/07 at 5:38 PM
News Room Published March 7, 2023
Share
SHARE

CAIRO, March 6 (Reuters) – Egypt is offering to sell a 10% stake in state-controlled Telecom Egypt (ETEL.CA), sources with knowledge of the offer said on Monday.

The sale of state assets would be one of the first to buyers other than Gulf sovereign funds since President Abdel Fattah al-Sisi in April ordered the government to draw up a programme to attract $10 billion in “private participation” over each of the next four years.

The government owns 80% of Telecom Egypt’s shares. The sale is being managed by local investment banks CI Capital and Ahly Pharos, the sources added.

The sale of shares was directed at both Egyptian and foreign investors, one of the sources said.

“Both, but appetite from foreigners seems low,” the source added.

The 10% stake would be worth roughly 4.55 billion Egyptian pounds ($148 million) at the current share price.

Egypt has been suffering from an acute shortage of foreign currency since the Russian invasion of Ukraine prompted investors to pull around $20 billion out of its treasury markets.

Asset sales are a major pillar of a $3 billion support programme Egypt signed with the International Monetary Fund in December.

The government sold a 20% stake in Telecom Egypt in an initial public offering in November 2005.

Telecom Egypt owns a stake of about 45% in mobile phone operator Vodafone Egypt (VODE.CA), which it is reportedly seeking to sell.

Telecom Egypt shares were trading 3.7% lower on Monday at 26.76 pounds.

Telecom Egypt officials were not immediately available for comment.

($1 = 30.7300 Egyptian pounds)

Reporting by Patrick Werr; Editing by Kirsten Donovan and Christina Fincher

Our Standards: The Thomson Reuters Trust Principles.

Read the full article here

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room March 7, 2023
Share this Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular News
Sports

Ajax’s Eredivisie home game with Feyenoord to be completed behind closed doors after being abandoned

News Room News Room September 25, 2023
US and Kenya sign defence deal ahead of possible Haiti mission
Moody’s warns federal shutdown would be ‘negative’ for US debt rating
Roger Federer exclusive – ‘I loved every moment’ – Tennis legend reflects on career and what he misses after Laver Cup
Ron DeSantis and Gavin Newsom to debate in November, Fox News says
Germany leads push to delay electric vehicle tariffs between EU and UK
Rugby World Cup 2023: Who has qualified for the quarter-finals? How do things stand in each pool?
The Republican case against Biden takes a body blow … from Fox News
- Advertisement -
Ad imageAd image

You Might also Like

Africa

US and Kenya sign defence deal ahead of possible Haiti mission

September 25, 2023
Africa

Mali postpones February presidential election due to ‘technical issues’

September 25, 2023
Africa

Somaliland rejects talk of unification with Somalia after Museveni comment

September 25, 2023
Africa

Second round of negotiations on Ethiopia’s mega-dam wrap up

September 25, 2023
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Cryptocurrency
  • Forex
  • Stock Market

About US

Jaraa'id is your one-stop website for the latest global and local news and updates, follow us now to get the news that matters to you.
Quick Link
  • Privacy Policy
  • Terms of use
  • Press ReleaseSubmit
  • Advertise
  • Contact
Top Sections
  • Business
  • Sports
  • Videos
  • Market DataLive
  • Weather

Subscribe US

Subscribe to our newsletter to get our Latest articles instantly!

I have read and agree to the terms & conditions

2023 © Jaraa'id. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?