{"id":582322,"date":"2023-03-07T00:00:00","date_gmt":"2023-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/the-govt-is-reportedly-mulling-a-10-stake-sale-in-te\/"},"modified":"2023-03-07T00:00:00","modified_gmt":"2023-03-07T00:00:00","slug":"the-govt-is-reportedly-mulling-a-10-stake-sale-in-te","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/the-govt-is-reportedly-mulling-a-10-stake-sale-in-te\/","title":{"rendered":"The gov\u2019t is reportedly mulling a 10% stake sale in TE"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Is <\/span><span style=\"font-weight:700\">TE the latest addition to Madbouly\u2019s privatization list<\/span><span style=\"font-weight:700\">?<\/span><span style=\"\"> The government is reportedly <\/span><span>planning to sell a 10% stake in state-owned Telecom Egypt (TE), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-offers-sell-10-government-stake-telecom-egypt-sources-2023-03-06\/\" style=\"\">Reuters<\/a><\/span><span> <\/span><span>reports, citing unnamed sources it says have knowledge of the matter. The government currently holds 80% in the EGX<\/span><span>-listed company,<\/span><span> with the rest in freefloat, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ir.te.eg\/en\/Contactus\/FAQ\" style=\"\">TE\u2019s website<\/a><\/span><span>. The transaction would be worth some <\/span><span>EGP 4.6 bn a<\/span><span>t TE\u2019s current share price. \u0650<\/span><span style=\"\">A TE spokesperson did not deny the report when asked for comment by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3mxFGtW\" style=\"\">Youm7<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisors: <\/span><span style=\"font-weight:400;\">The government tapped CI Capital and Al Ahly Pharos to manage the transaction, according to Reuters. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The TE stake is likely to go to a local investor: <\/span><span style=\"font-weight:400;\">The 10% stake will be offered to both Egyptian and foreign investors but \u201cappetite from foreign investors seems low,\u201d the source told Reuters. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span>Strategic investors \u2014 including Gulf sovereign wealth funds, who are a key target market for the government\u2019s stake sales \u2014 tend to prefer to buy significant stakes in companies so they can play a leading role in helping them restructure and grow. In one example, talks with Qatari wealth fund QIA to buy part or all of TE\u2019s 45% stake in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/08\/el-said-calls-on-qataris-to-invest-adq-said-to-be-mounting-rival-bid-to-qias-vodafone-egypt-acquisition-95853\/\" style=\"\">Vodafone Egypt<\/a><\/span><span> have reportedly stalled because<\/span><span> the Madbouly government doesn\u2019t want to cede more than 25%.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We didn\u2019t see this coming: <\/span><span>There\u2019s been no mention of TE ever being part of the government\u2019s privatization program and it was not named on Prime Minister Moustafa Madbouly\u2019s list of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/rebooted-privatization-program-to-see-stakes-in-32-companies-sold-to-strategics-public-investors-96067\/\" style=\"\">32 state-owned companies<\/a><\/span><span style=\"font-weight:400;\"> earmarked for privatization.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Plan B:<\/span><span style=\"\"> The government will look to raise funds from an issuance of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/05\/30\/enterprise-explains-future-flow-securitization-72324\/\" style=\"\">future flow securities<\/a><\/span><span style=\"\"> if it<\/span><span style=\"\"> is <\/span><span>unable to sell shares to an investor, a source reportedly told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3ydnfNI\" style=\"\">Asharq Business<\/a><\/span><span>. A source at the company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/12\/te-could-get-in-on-future-flows-93414\/\" style=\"\">told us in January<\/a><\/span><span style=\"font-weight:400;\"> that future flow securitization was on the table. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">TE saw steady growth last year:<\/span><span> TE\u2019s net income grew 9% y-o-y to EGP 9.2 bn in 2022, <\/span><span>according to the company\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Telecom-Egypt-Earnings-Release-FY-2022-pdf.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span> out yesterday<\/span><span style=\"font-weight:400;\">. The firm reported EGP 44.3 bn in revenues during the year, up 19%.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Market reax: <\/span><span style=\"font-weight:400;\">TE\u2019s share price lost 3.7% to settle at EGP 26.76 a piece on yesterday\u2019s close. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CI Capital and Al Ahly Pharos are managing the sale.<\/p>\n","protected":false},"author":1,"featured_media":582323,"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":[7321],"tags":[214,72,7128,212],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-cit","tag-enterpriseam","tag-ma-watch","tag-telecom-egypt","wpautop","entry"],"acf":{"mongo_id":"e4a724f9-67d4-4b4c-9694-dc29a07ba68c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/telecom-egypt-1600-1.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt to sell 10% stake in Telecom Egypt","related_issue":[582315],"teaser":"CI Capital and Al Ahly Pharos are managing the sale.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.adb4ca20-309a-4978-923f-8be7d0a1b6b4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The gov\u2019t is reportedly mulling a 10% stake sale in TE - 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\/2023\/03\/07\/the-govt-is-reportedly-mulling-a-10-stake-sale-in-te\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The gov\u2019t is reportedly mulling a 10% stake sale in TE\" \/>\n<meta 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