{"id":549161,"date":"2022-09-06T04:00:23","date_gmt":"2022-09-06T04:00:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/06\/three-gcc-sovereign-funds-have-their-eye-on-tes-stake-in-vodafone-egypt\/"},"modified":"2022-09-06T04:00:23","modified_gmt":"2022-09-06T04:00:23","slug":"three-gcc-sovereign-funds-have-their-eye-on-tes-stake-in-vodafone-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/06\/three-gcc-sovereign-funds-have-their-eye-on-tes-stake-in-vodafone-egypt\/","title":{"rendered":"Three GCC sovereign funds have their eye on TE\u2019s stake in Vodafone Egypt"},"content":{"rendered":"

<\/a> Could Telecom Egypt\u2019s stake in Vodafone Egypt be in play?<\/strong> The Qatar Investment Authority (QIA), Saudi Arabia\u2019s Public Investment Fund, and Abu Dhabi\u2019s ADQ are all eyeing part of state-owned landline monopoly Telecom Egypt\u2019s stake in Vodafone Egypt, a source with first-hand knowledge of the matter confirmed to Enterprise. Bloomberg Asharq<\/a> reported earlier yesterday that QIA is looking to acquire as much as 25% of the company, citing three anonymous sources.<\/p>\n

TE is open to selling up to a 20% stake in Vodafone Egypt \u201cat the right price<\/strong> that would bring maximum returns to shareholders,\u201d our source tells us. The EGX-listed telecoms giant holds a 45% stake in the company.<\/p>\n

Nothing official yet: <\/strong>Talks are ongoing with the government \u2014 which owns 80% of EGX-listed TE \u2014 on the potential stake sale, the source said. TE has yet to receive an official bid from QIA or other sovereign funds, the company said in an EGX disclosure (pdf)<\/a> yesterday.<\/p>\n

TE shares rose 15.8% to EGP 17.70 in trading yesterday <\/strong>following its disclosure. The EGX suspended intraday trading TE shares for ten minutes before publishing the disclosure, it said in a bulletin<\/a>(pdf)<\/a>.<\/p>\n

QIA has reportedly been eyeing several Egyptian companies:<\/strong> The fund is rumored to be planning looking at the EGX as an entry point to deploy capital as part of moves by our neighbors in the region to help shore up our economy with an influx of FDI. Local media outlets have reported that the Qatari fund is interested in purchasing stakes in Alexandria Containers and Eastern Company, though a source at Eastern\u2019s majority shareholder, Chemical Industries Holding (CIHC), denied knowledge<\/a> of the talks when we reached out recently.<\/p>\n

Other <\/strong>Arab sovereign funds have been buying big:<\/strong> The Saudi Public Investment Fund<\/a> (PIF) and ADQ<\/a> have invested bns of USD in a number of EGX-listed companies this year, with PIF reportedly still eyeing stakes<\/a> in at least three high profile Egyptian companies. Gulf state neighbors have pledged more than USD 22 bn<\/a> in total to support the economy amid the fallout from the crisis in Ukraine.<\/p>\n","protected":false},"excerpt":{"rendered":"

Could Telecom Egypt\u2019s stake in Vodafone Egypt be in play? The Qatar Investment Authority (QIA), Saudi Arabia\u2019s Public Investment Fund, and Abu Dhabi\u2019s ADQ are all eyeing part of state-owned landline monopoly Telecom Egypt\u2019s stake in Vodafone Egypt, a source with first-hand knowledge of the matter confirmed to Enterprise. Bloomberg Asharq reported earlier yesterday that […]<\/p>\n","protected":false},"author":1,"featured_media":549162,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[299,72,7128,296,2362,219,212,90,142],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-adq","tag-enterpriseam","tag-ma-watch","tag-qatar","tag-qatar-investment-authority","tag-saudi-arabia","tag-telecom-egypt","tag-uae","tag-vodafone-egypt","wpautop","entry"],"acf":{"mongo_id":"c348db4f-7247-4ed9-a87a-4020be90920e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/123.jpg","photo_position":"above","related_issue":[549157],"teaser":"","voice_url":""},"yoast_head":"\nThree GCC sovereign funds have their eye on TE\u2019s stake in Vodafone Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/06\/three-gcc-sovereign-funds-have-their-eye-on-tes-stake-in-vodafone-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three GCC sovereign funds have their eye on TE\u2019s stake in Vodafone Egypt\" \/>\n<meta property=\"og:description\" content=\"Could Telecom Egypt\u2019s stake in Vodafone Egypt be in play? The Qatar Investment Authority (QIA), Saudi Arabia\u2019s Public Investment Fund, and Abu Dhabi\u2019s ADQ are all eyeing part of state-owned landline monopoly Telecom Egypt\u2019s stake in Vodafone Egypt, a source with first-hand knowledge of the matter confirmed to Enterprise. 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The Qatar Investment Authority\u2019s (QIA) talks with Telecom Egypt over the potential purchase of a 20% stake in Vodafone Egypt have \u201caccelerated\u201d and could close \u201cvery soon,\u201d Bloomberg Asharq reports, citing two sources it says are in\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/381.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550261,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/20\/qatar-could-soon-invest-up-to-usd-2-5-bn-in-state-held-firms\/","url_meta":{"origin":549161,"position":1},"title":"Qatar could soon invest up to USD 2.5 bn in state-held firms","author":"enterpriseam admin","date":"20 October 2022","format":false,"excerpt":"Qatar could invest as much as USD 2.5 bn in state-held firms: Qatar\u2019s sovereign wealth fund is in advanced talks to buy up 20% of Vodafone Egypt from minority shareholder Telecom Egypt, as well as other state-held stakes in unlisted companies, in transactions worth up to USD 2.5 bn, sources\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/282.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606242,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/13\/big-updates-on-potential-sales-of-telecom-egypt-vodafone-egypt-stakes-gabal-el-zeit-windfarms\/","url_meta":{"origin":549161,"position":2},"title":"Big updates on potential sales of Telecom Egypt, Vodafone Egypt stakes + Gabal El Zeit windfarms","author":"enterpriseam admin","date":"13 September 2023","format":false,"excerpt":"Potential sales of stakes in two telecom players and a massive wind farm are the latest signs the privatization program is picking up steam","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/886.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588077,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/could-qia-finally-acquire-a-stake-in-vodafone-egypt\/","url_meta":{"origin":549161,"position":3},"title":"Could QIA finally acquire a stake in Vodafone Egypt?","author":"enterpriseam admin","date":"6 June 2023","format":false,"excerpt":"Qatar\u2019s sovereign fund is looking to acquire stakes in a number of state companies before August","rel":"","context":"In 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