Deals
Egypt Sells 9.5% Stake in Telecom Egypt for $121 Million
- Government sells 162 million shares, will offer stake to staff
- Egypt had made little progress with plan to sell 32 companies
Diners use their phones outside a Cairo cafe.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egypt sold a 9.5% stake in state-run Telecom Egypt Co., raising more than 3.7 billion Egyptian pounds ($121 million) in a signal to investors that the country is serious about implementing a sweeping economic reform program.
The government sold 162 million shares in the telecommunications company, representing about a 9.5% stake in the firm, according to a filing to the Egyptian stock exchange. The shares were priced at 23.11 Egyptian pounds each, according to a separate filing. Egypt plans to offer a further 0.5% for company employees to buy.