{"id":586433,"date":"2023-05-11T00:00:00","date_gmt":"2023-05-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/11\/telecom-egypt-sale-is-back-on\/"},"modified":"2023-05-11T00:00:00","modified_gmt":"2023-05-11T00:00:00","slug":"telecom-egypt-sale-is-back-on","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/11\/telecom-egypt-sale-is-back-on\/","title":{"rendered":"Telecom Egypt sale is back on"},"content":{"rendered":"<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\">TE stake sale to start this week? <\/span><span style=\"\">Government plans to sell a minority <\/span><span>stake in Telecom Egypt (TE) to investors look to be back on the table, with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-10\/egypt-is-said-to-plan-selling-further-10-stake-in-telecom-egypt\" style=\"\">Bloomberg<\/a><\/span><span style=\"font-weight:400;\"> reporting yesterday that it could begin the process of selling a 10% stake in the state-owned telecom giant as soon as this week. TE\u2019s advisors could start inviting bids from institutional investors for the shares, which would be listed on the EGX, people familiar with the matter reportedly told the news outlet.<\/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\">Selling at a discount:<\/span><span style=\"\"> The government will be selling shares at EGP 22.25 apiece, a 3.8% <\/span><span>discount from TE\u2019s current share price of EGP <\/span><span>23.14<\/span><span style=\"font-weight:400;\">. The transaction would be worth around EGP 3.8 bn (c. USD 122.8 mn) at that price.<\/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 sale has been in the cards since March: <\/span><span style=\"\">The Finance Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/96d509b3-d13e-4bf7-b027-b0f299290839\" style=\"\">unveiled its plans<\/a><\/span><span style=\"\"> to sell <\/span><span>shares in the company in March. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4a724f9-67d4-4b4c-9694-dc29a07ba68c\" style=\"\">Reuters reported<\/a><\/span><span> earlier in the month that the government is looking to sell 10% of the company, a figure which has yet to be publicly confirmed by any of the parties involved. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb8b5ccb-9c0f-4b10-8269-4f08fd28370f\" style=\"\">Rumors that the sale had been postponed<\/a><\/span><span style=\"font-weight:400;\"> then surfaced in the press, which claimed that officials had put plans on hold due to the global banking crisis.<\/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 delay has proven costly: <\/span><span style=\"\">TE\u2019s shares have fa<\/span><span style=\"\">llen 16% sinc<\/span><span style=\"\">e the initial Reuters report on<\/span><span style=\"\"> 6 <\/span><span>March.<\/span><span style=\"font-weight:400;\"> The reported offer price is a 20% discount to its share price in early March.<\/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\">Current ownership:<\/span><span style=\"\"> The state currently owns 80% of TE, while the remaining 20% is in <\/span><span style=\"font-weight:400;\">freefloat.<\/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\">June is fast approaching: <\/span><span style=\"\">The government wants to raise <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b76ec80b-bf18-47d1-bf53-07b5b9cefb8f\" style=\"\">some USD 2 bn<\/a><\/span><span style=\"\"> from asset sales by <\/span><span>June. Since announcing the privatization program in February, the state has sold its stake in just one company, raising USD 25 mn from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed56889d-d8c0-4a89-9303-43c67d4e8f53\" style=\"\">its sale of EGX-listed Paint and Chemical Industries (Pachin)<\/a><\/span><span> to Emirati firm National Paints Holding.<\/span><span> Prime Minister Moustafa Madbouly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bae63416-8277-496e-8c07-3e0e56df3cc3\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\"> this week that the government is working on a number of transactions and would announce the details soon.<\/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=\"\">Our friends at CI Capital are reportedly managing the transaction alongside Al Ahly <\/span><span style=\"font-weight:400;\">Pharos, while NBE is also said to be involved as an advisor. <\/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;\">ALSO IN 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\">NPH is officially Pachin\u2019s majority shareholder: <\/span><span style=\"\">Some 19.36 mn shares in <\/span><span>EGX-listed Paint and Chemical Industries (Pachin) were transferred to Dubai-based National Paints Holding (NPH) yesterday, per <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/631.jpg\" style=\"\">a<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/631.jpg\" style=\"\">n<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/631.jpg\" style=\"\">EGX bull<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/631.jpg\" style=\"\">eti<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/631.jpg\" style=\"\">n<\/a><\/span><span>, completing NPH\u2019s EGP 770.5 mn <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed56889d-d8c0-4a89-9303-43c67d4e8f53\" style=\"\">acquisition<\/a><\/span><span style=\"font-weight:400;\"> of more than 80% of the company.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government will be selling shares at a 3.8% discount from current share price<\/p>\n","protected":false},"author":1,"featured_media":586434,"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":[214,72,7128,9179,6816,81,212],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-cit","tag-enterpriseam","tag-ma-watch","tag-national-paints-holding","tag-pachin","tag-privatization-watch","tag-telecom-egypt","wpautop","entry"],"acf":{"mongo_id":"d096a543-2634-4380-a12e-4d9beabd43f3","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/624.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt could start TE stake sale process this week -Bloomberg","related_issue":[586429],"teaser":"The government will be selling shares at a 3.8% discount from current share price","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.0381f6ff-fd8a-4aea-945f-d79387850577.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 sale is back on - 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\/05\/11\/telecom-egypt-sale-is-back-on\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Telecom Egypt sale is back on\" \/>\n<meta property=\"og:description\" content=\"The 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