Government pulling Telecom Egypt share sale

Government pulling Telecom Egypt share sale

The Egyptian government has reportedly suspended plans to sell a stake in state-owned operator Telecom Egypt due to market conditions, reported Reuters.

It was reported earlier this month the government began mulling a sale, with sources telling Reuters 10% was on offer for interested parties. But interest in the shares was apparently low. The government currently holds 80% of the shares in Telecom Egypt.

The share sale would have net government coffers around EGP4.5 billion ($147 million), as we had previously reported.

Telecom Egypt recently made moves to bolster operations. It signed an agreement with IBM to upgrade its OSS systems and acquired US$125 million worth of spectrum.

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