Egypt’s stock exchange chairman Mohamed Omran said that there are no intentions to stop trading on Telecom Egypt (ETEL) on the back of the State Commissioner’s report which recommended the invalidity of offering 20% of the firm in stock exchange back in 2005, EgyNews website reported.
He added in a statement to Middle East News Agency that the report is only a recommendation, non-binding, and will not be taken to stock trading the company’s stocks. Only court rulings are taken in consideration to stop trading like in Nile cotton ginning (NCGC) case.
The bourse will ask the telecoms firm about any new information regarding a court ruling on the IPO.
The state Commissioner’s recommended the annulment of the IPO of 20% stake in Telecom Egypt.
The firm offered 20% of its shares in an IPO in 2005 at a par value of LE 10 per share for the 340 million shares.
The report stated that the prospectus issued by the company which was certified by the Egyptian Financial Supervisory Authority (EFSA) is marred by invalidity.
Source: EgyNews & Arab Finance
