EGP196.2 million ..Telecom Egypt sells 8.4 million shares
Telecom Egypt disclosed the sale of 8.4 million shares, with a total value of 196.2 million pounds.
Shrouq
Today, 28-5-2023, the Egyptian Stock Exchange announced the implementation of the sale of 8,493,600 shares, or 0.5% of the total shares of Telecom Egypt, with a total value of EGP 196,287,096, to complete the sale of 10% of the stake. The Ministry of Finance in the company for the benefit of strategic investors.
Selling shares of Telecom Egypt
The Ministry of Finance sold 162.1 million shares of Telecom Egypt, at a value of 3.7 billion pounds, in mid-May.
This comes within the framework of the state’s program to offer the shares of some companies owned by it or in which it contributes, in order to expand the ownership base. And in light of the approval of the Council of Ministers received by the Financial Regulatory Authority to offer part of the company's capital shares.
Steps to buy shares
The sale took place in two tranches, the first of which is to financial institutions, individuals with financial solvency, individuals and entities with expertise in the field of securities, with a maximum number of 162.1 million securities, which is 9.5% of the company’s total.
The second tranche is for the company's employees, with a maximum of 8.5 million securities offered, which is equivalent to 5% of the offered share.
Telecom Egypt
Telecom Egypt has previously addressed the company's employees with steps to buy shares for those interested in the state's share offered for sale, with a total number of 8.5 million shares, representing 0.5% of the total shares of the company's capital.
This is part of a deal to sell 10% of the government's stake in Telecom Egypt, and the statement specified the steps to buy shares for willing workers through the two companies, Commercial International for Securities Brokerage, and Al-Ahly Pharos for Securities Trading.
communication services
It is noteworthy that Telecom Egypt is the first integrated telecom operator in Egypt, and provides its customers with all terrestrial voice communication services, high-speed internet services, and mobile phone services. 45% of Vodafone Egypt.
