Egypt renews plans to sell 10% in Telecom Egypt for EGP 3.8 – sources

Egypt has revived selling an additional 10 percent stake in state-run Telecom Egypt via a share sale this month, for value of 3.8 billion Egyptian pounds or 22.25 pound per share, according to people familiar with the matter announced on Wednesday.

The company will start a book-building process aimed at institutional investors as soon as this week and shares will be listed on the Egyptian stock exchange, the people said.

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 stabilise.