The Board of Directors of Telecom Egypt has approved the main shareholder's plan to offer 10% of the company's shares in the secondary market.
According to the Egyptian stock exchange website, 162.2 million shares of Telecom Egypt were sold in the secondary market, representing 9.5% of the shares, at a price of 23.11 Egyptian pounds ($0.75) per share, with a total value of 3.75 billion Egyptian pounds ($122.35 million).
The Egyptian government owns 80% of Telecom Egypt, while 20% is traded on the Egyptian stock exchange.
Telecom Egypt had previously announced on May 7th that the Egyptian government was considering selling an additional stake in the company.
The Ministry of Finance stated that the total shares offered for sale in the stock exchange include 170.7 million shares of Telecom Egypt's capital, representing 10% of the company's capital and 12.5% of the shares owned by the Ministry of Finance as a representative of the Egyptian state.
The Egyptian Ministry of Finance explained that this offering comes within the framework of the government's program to expand the ownership base, which includes state-owned or contributed companies, in order to open up new prospects for maximizing the private sector's contributions to economic activity.
