Egyptian Government Announces Public Trading of Largest State-Owned Company Stake
The Egyptian government intends to offer 10% of its stake in Telecom Egypt, as quoted by Reuters today, Monday, citing unnamed sources.
The government owns 80% of Telecom Egypt, and 20% of the company’s shares are freely traded on the Cairo Stock Exchange.
The Egyptian telecommunications sector is attracting interest from Gulf sovereign wealth funds as there have been several reports of competition between the Qatar Investment Authority and the holding company (ADQ), the Abu Dhabi Fund, to buy part of Telecom Egypt’s stake in Vodafone Egypt.
There are 4 companies providing mobile communication services in Egypt: the state-owned Telecom Egypt, Vodafone Egypt, affiliated with the British Vodafone Group, in which Telecom Egypt owns a 45% stake, Orange Egypt. , which is part of the French Orange Group, and Etisalat Misr, a subsidiary of Emirates Telecom.
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