Egypt Sells 9.5 Percent Stake in Telecom Egypt for USD 121.6 Million

In a significant step towards implementing its economic reform program, Egypt has successfully sold a 9.5% stake in state-run telecommunications company Telecom Egypt. The sale raised over 3.75 billion Egyptian pounds ($121.6 million) and serves as a clear message to investors that the country is committed to pursuing its economic transformation agenda.

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Also Read: Egypt to Sell 10% Government Stake in Telecom Egypt: Report

Financial Boost for Egypt

The proceeds from the stake sale will help Egypt meet its forthcoming foreign debt obligations, providing much-needed financial support during these critical months. The sale of state assets has become a crucial strategy for Egypt to generate funds and foster economic stability, according to multiple media reports.

Telecom Egypt Stake Sale

Telecom Egypt, the first integrated telecom operator in the country and one of the largest subsea cable operators in the region, has been identified as a strategic asset for privatization. This marks the second sale of state assets since Prime Minister Mostafa Madbouly’s pledge on April 29 to proceed with the sales program, aiming to sell assets worth $2 billion by the end of June.

Also Read: Telecom Egypt Secures Additional Spectrum in 1800 MHz Band

The government divested 162.2 million shares, equivalent to a 9.5% stake in Telecom Egypt, as stated in the filing submitted to the Egyptian stock exchange. The shares were priced at 23.11 Egyptian pounds per share. As part of the sale process, the government will offer a 0.5% stake for purchase by company employees until May 25, 2023.