03:04 PM
Monday 06 March 2023
Cairo – Masrawy:
Archyde.com news agency quoted unnamed sources today, Monday, that the government has offered a 10% stake in Telecom Egypt for sale, and that investment banks CI Capital and Al Ahly Pharos are leading the sale.
The government is seeking to attract foreign direct investment and sign agreements to sell stakes in assets owned by it as part of its plan to finance the dollar gap.
And Telecom Egypt, one of the companies that is expected to sign an acquisition agreement regarding it, as news of negotiations have been emerging for months between the Sovereign Fund of Egypt and the Qatar Investment Authority to obtain part of Telecom Egypt’s share in Vodafone Egypt, which amounts to about 45%.
Archyde.com did not mention the potential parties to buy the stake in the company.
The Ministry of Finance controls about 80% of the company listed on the stock exchange.