{"id":583850,"date":"2023-03-21T00:00:00","date_gmt":"2023-03-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/telecom-egypt-stake-sale-postponed-on-market-volatility-asharq\/"},"modified":"2023-03-21T00:00:00","modified_gmt":"2023-03-21T00:00:00","slug":"telecom-egypt-stake-sale-postponed-on-market-volatility-asharq","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/telecom-egypt-stake-sale-postponed-on-market-volatility-asharq\/","title":{"rendered":"Telecom Egypt stake sale postponed on market volatility -Asharq"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">TE stake sale on ice, says Asharq: <\/span><span style=\"\">The government has postponed plans to sell a <\/span><span>stake in national telecoms provider Telecom Egypt (TE) due to market volatility triggered by fears over the global banking sector, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3lnFVaO\" style=\"\">Asharq Business<\/a><\/span><span style=\"font-weight:400;\"> reports, citing five unnamed sources. <\/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\">REFRESHER- <\/span><span style=\"\">The Finance Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/08\/telecom-egypt-stake-sale-possible-company-confirms-99032\/\" style=\"\">said earlier this month<\/a><\/span><span style=\"\"> that it\u2019s looking to sell shares in the <\/span><span>company after <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/07\/govt-could-sell-10-of-telecom-egypt-98839\/\" style=\"\">Reuters reported<\/a><\/span><span> the government was looking to offload a 10% stake to investors<\/span><span>.<\/span><span> Subsequent reports have suggested that the government could be looking to sell <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/09\/could-investors-submit-bids-for-te-before-ramadan-99195\/\" style=\"\">as such as 20%<\/a><\/span><span style=\"font-weight:400;\">, and that the investment banks working on the transaction \u2014 CI Capital and Al Ahly Pharos \u2014 were in talks with Gulf and other regional investors.<\/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\">Plans now seem to be on hold:<\/span><span style=\"\"> \u201cThe government did not prefer to conduct an assessment <\/span><span>under the current market conditions, and therefore the delay was to allow more time and stability in the markets,\u201d Asharq quotes one of its sources as saying. The report comes a day after <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/20\/this-morning-govt-could-offload-10-of-te-this-week-according-to-local-media-100655\/\" style=\"\">Al Borsa claimed<\/a><\/span><span style=\"font-weight:400;\"> the transaction would wrap by the end of the week, citing a Finance Ministry source.<\/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\">Global market conditions have turbulent over the past two weeks<\/span><span style=\"\"> in the wake of the rapid <\/span><span style=\"font-weight:400;\">collapse of three mid-sized banks in the US. Fears of contagion in the global banking system triggered a sharp sell-off in banking shares in the US and Europe, climaxing last week with the near-collapse of giant Swiss lender Credit Suisse.<\/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\">Nothing is set in stone:<\/span><span style=\"\"> \u201cIt\u2019s very early to talk about the fate of the government\u2019s stake sale <\/span><span>plans for TE and it\u2019s currently in the hands of the transaction managers to advise on the best timing,\u201d <\/span><span>a source <\/span><span style=\"font-weight:400;\">with knowledge of the matter told Enterprise yesterday, on condition of anonymity.<\/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\">Shareholders:<\/span><span style=\"\"> The government currently owns 80% of TE, while the remaining 20% is in <\/span><span>freefloat<\/span><span>.<\/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\">Telecom Egypt\u2019s shares reversed a week of losses yesterday<\/span><span style=\"\">, rising almost <\/span><span style=\"\">2%<\/span><span style=\"\"> by market <\/span><span style=\"\">close<\/span><span style=\"font-weight:400;\"> to settle at EGP 22.00.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global markets are on edge following collapse of US mid-sized lenders<\/p>\n","protected":false},"author":1,"featured_media":583851,"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":[72,7128,81,212],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-enterpriseam","tag-ma-watch","tag-privatization-watch","tag-telecom-egypt","wpautop","entry"],"acf":{"mongo_id":"cb8b5ccb-9c0f-4b10-8269-4f08fd28370f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Telecom_Egypt_Smart_Village-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt postpones Telecom Egypt stake sale on market volatility -Asharq","related_issue":[583843],"teaser":"Global markets are on edge following collapse of US mid-sized lenders","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.ce2daa61-f3db-4166-9401-d582f52fbde1.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>Telecom Egypt stake sale postponed on market volatility -Asharq - 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\/21\/telecom-egypt-stake-sale-postponed-on-market-volatility-asharq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Telecom Egypt stake sale 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&quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/624.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553604,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/sfe-is-pushing-ahead-with-siemens-stake-sale-privatizing-military-businesses\/","url_meta":{"origin":583850,"position":5},"title":"SFE is pushing ahead with Siemens stake sale + privatizing military businesses","author":"enterpriseam admin","date":"9 December 2021","format":false,"excerpt":"Updates on the Siemens power plants + military companies\u2019 privatization from the SFE: The Sovereign Fund of Egypt (SFE) and the Electricity Ministry are nearly done with studies on how best to move forward with a stake sale in the Siemens \/ Orascom Construction \/ Elsewedy Electric combined-cycle power 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