Will Egypt sell its stake in Telecom Egypt?

Today, Monday, March 6, 2023, Reuters news agency reported that the Egyptian government is in the process of offering 10% of its stake in Telecom Egypt.

 Sources told Reuters that CI Capital and Al Ahly Pharos are managing the sale of this stake.

It is noteworthy that the Egyptian government owns 80% of Telecom Egypt's shares, and the remaining share is traded on the Egyptian Stock Exchange.

Increase in its net profits

 Telecom Egypt announced, today, Monday, an increase in its net profits during the past year by about 9% on an annual basis.

 The company said in a statement to the Egyptian Stock Exchange that its net profits for the entire year 2022 amounted to 9.19 billion pounds, equivalent to ($298.7 million).

Electronic wallets

On the other hand, social media pages circulated news of stopping dealing with electronic wallets, after the Hug Bull Company defrauded many citizens by collecting sums of money through a cash service from a telecommunications company.

Stop dealing with electronic wallets

The news spread on social media pages said that a decision was issued by the Public Funds Prosecution to stop dealing with electronic wallets for a period, and the decision was applied to 80% of the wallets.

The news added that whoever has sums of money on the cash service, and the line is operating normally, must withdraw it quickly before applying the decision to your line.

The fact of stopping dealing with electronic wallets

Vodafone and Orange mobile companies in Egypt revealed that the widespread news about stopping dealing with the cash service is not true.

The companies made it clear that the e-wallets operate normally, and no official authority issued instructions to stop dealing with this service.

Hogg Pool Company

The Hugh Bull Investment Company swindled a large number of citizens and seized their money, which amounts to tens of millions of Egyptian pounds.

Hoogpool Investment Company appeared last August 2022, and made available a website, called “www.hoggpool.com”, which is an application on the “Play Market Egypt”, which was under the name Hogg, and has an Egyptian commercial registration license.