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Cairo – Mubasher: Telecom Egypt issued an explanatory statement regarding what is being circulated regarding the Egyptian government’s intention to offer 10% of its 80% stake in the company’s capital.%.

The company said in a statement issued today, Tuesday, that it had contacted the main shareholder, which is the Ministry of Finance, which stated that the matter did not go beyond a preliminary study that is still in its infancy and initial stages..

And she confirmed that he had not taken any official decisions regarding this; Which may lead to the conclusion of this study to the futility of moving forward with this proposition.

She clarified that the main shareholder’s thinking of offering part of Telecom Egypt came within the framework of what was included in the state ownership policy document on maximizing government resources through the assets owned by it..

Informed sources said yesterday, Monday, that the Egyptian government intends to sell 10% of its stake in the capital of Telecom Egypt..

The sources indicated, in statements reported by Archyde.com news agency, that the sale will be managed by CI Capital and Al Ahly Pharos Bank..

It is noteworthy that the Egyptian government owns regarding 80% of Telecom Egypt’s shares, while the remaining 20% ​​is traded on the Egyptian Stock Exchange..

Telecom Egypt achieved a net profit following taxes during the past year amounting to 9.2 billion pounds, a growth rate of 9% compared to the previous year, supported by outstanding operational performance..

Total consolidated revenues amounted to EGP 44.3 billion, achieving a growth of 19% compared to the previous year, driven by an increase in revenues from retail business units and wholesale business units (a growth rate of 21% and 17%, respectively).).

Data services revenues increased by 3.2 billion pounds compared to the previous year, with other revenues increasing from the enterprise business unit by 0.9 billion pounds. Cable revenues achieved the same increase compared to the previous year..

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