{"id":586544,"date":"2023-05-14T00:00:00","date_gmt":"2023-05-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/14\/govt-sells-10-stake-in-telecom-egypt\/"},"modified":"2023-05-14T00:00:00","modified_gmt":"2023-05-14T00:00:00","slug":"govt-sells-10-stake-in-telecom-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/14\/govt-sells-10-stake-in-telecom-egypt\/","title":{"rendered":"Gov\u2019t sells 10% stake in Telecom Egypt"},"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\">The government has offered a <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d096a543-2634-4380-a12e-4d9beabd43f3\" style=\"\">10% stake in Telecom Egypt (TE)<\/a><\/span><span style=\"font-weight:700\"> through the <\/span><span style=\"font-weight:700\">Egyptian Exchange (EGX)<\/span><span>, a source close to the transaction confirmed to <\/span><span>Enterprise yesterday<\/span><span>. The transaction is set to be executed in today\u2019s trading session, <\/span><span>according to local media reports<\/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\">Strong demand  \u2014 and no discount: <\/span><span>The government is said to have offered some 170.7 mn shares for EGP 23.11 a piece \u2014 the same price at which TE\u2019s share price closed on Thursday. The sale was some 2.5x oversubscribed, according to local press reports. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d096a543-2634-4380-a12e-4d9beabd43f3\" style=\"\">Bloomberg<\/a><\/span><span> had reported last week that the shares would be sold at EGP 22.25 apiece \u2014 around a 4% discount to where shares were trading last week. If the reported figures are correct, <\/span><span style=\"font-weight:700\">the transaction will raise EGP 3.95 bn<\/span><span style=\"font-weight:700\"> (c.USD 129 mn) f<\/span><span style=\"font-weight:700\">or the government and value TE at around EGP 39.5 bn.<\/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 sends a signal to investors \u2014 and the IMF: <\/span><span>This is the first significant stake sale we\u2019ve seen since the government announced its revamped privatization program in February  (the sale of paintmaker Pachin <\/span><span style=\"\">earlier this mo<\/span><span style=\"\">nth <\/span><span style=\"\">w<\/span><span>as for a more <\/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=\"\">modest EGP 770.5 mn<\/a><\/span><span>). The TE transaction should help build confidence among investors amid <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea1f2ee0-de5d-420b-8030-37c9d8e2504c\" style=\"\">concerns<\/a><\/span><span style=\"font-weight:400;\"> that we haven\u2019t been making enough headway on the program, which is key to progressing the USD 3 bn assistance package with the IMF and securing USD bns more in foreign investment to plug our external financing gap.<\/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\">But there\u2019s a long way to go:<\/span><span> The money raised from the TE and Pachin sales is a m<\/span><span>ere 8% <\/span><span>of the <\/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=\"\">USD 2 bn<\/a><\/span><span style=\"font-weight:400;\"> the government wants to raise via asset sales by the end of the fiscal year in seven weeks time.<\/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\">Who bought in? <\/span><span>Some 95% of the shares were earmarked for institutional investors, with the rest allocated for employee stock options, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3MplfK2\" style=\"\">Ashar<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3MplfK2\" style=\"\">q Busines<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3MplfK2\" style=\"\">s<\/a><\/span><span> reported Thursday. Bids mostly came from lo<\/span><span>cal rather than foreign investors, it adds. The gov<\/span><span>ernment is reducing its stake in the telecom giant to 70% from 80% through the sale, with the remainder in 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\">Advisors:<\/span><span> Our friends at CI Capital are reportedly managing the transaction alongside Al Ahly 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\">Up next: <\/span><span>Military-owned bottled drinks firm Safi and fuel retailer Wataniya are set to <\/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=\"\">start receiving offers<\/a><\/span><span> from strategic investors this month, and the government is finalizing a number of other unspecified transactions, <\/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=\"\">cabinet said<\/a><\/span><span style=\"font-weight:400;\"> last week. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government raised USD 129 mn in the sale, according to reports<\/p>\n","protected":false},"author":1,"featured_media":586545,"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":[214,68,72,7128,81,212],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-cit","tag-egx","tag-enterpriseam","tag-ma-watch","tag-privatization-watch","tag-telecom-egypt","wpautop","entry"],"acf":{"mongo_id":"4318bf14-8a00-4b51-bb0c-abc50d4fc6a6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/714.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt sells 10% stake in state-owned telecom giant","related_issue":[586540],"teaser":"The government raised USD 129 mn in the sale, according to reports","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.b9f44940-8ae6-42c5-9bd9-c074c9db7ed7.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>Gov\u2019t sells 10% stake in Telecom 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\/2023\/05\/14\/govt-sells-10-stake-in-telecom-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t sells 10% stake in Telecom Egypt\" \/>\n<meta property=\"og:description\" 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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":586622,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/","url_meta":{"origin":586544,"position":1},"title":"Telecom Egypt sale wraps","author":"enterpriseam admin","date":"15 May 2023","format":false,"excerpt":"The sale was more than 3x oversubscribed","rel":"","context":"In 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