{"id":586622,"date":"2023-05-15T00:00:00","date_gmt":"2023-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/"},"modified":"2023-05-15T00:00:00","modified_gmt":"2023-05-15T00:00:00","slug":"telecom-egypt-sale-wraps","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/","title":{"rendered":"Telecom Egypt sale wraps"},"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\">It\u2019s official: TE stake sold.<\/span><span style=\"\"> Egypt has got its privatization program up and running with the sale <\/span><span>of a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4318bf14-8a00-4b51-bb0c-abc50d4fc6a6\" style=\"\">9.5% stake in Telecom Egypt<\/a><\/span><span> to institutional investors, the parties involved with the offering confirmed yesterday. The government raised nearly EGP 3.75 bn <\/span><span style=\"\">(USD 121.3 mn) <\/span><span>after selling 162.2 mn shares in the state-owned telco for EGP 23.11 a piece \u2014 TE\u2019s closing share price on Thursday, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/745.png\" style=\"\">the EGX<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/mof.gov.eg\/ar\/posts\/media\/6460a253ecb1740008aecb4f\/%D9%88%D8%B2%D8%A7%D8%B1%D8%A9%20%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9%3A%20%D8%B7%D8%B1%D8%AD%D9%86%D8%A7%20%D8%A3%D9%83%D8%AB%D8%B1%20%D9%85%D9%86%20%D9%A1%D9%A6%D9%A2%20%D9%85%D9%84%D9%8A%D9%88%D9%86%20%D8%B3%D9%87%D9%85%20%D9%85%D9%86%20%D9%85%D9%84%D9%83%D9%8A%D8%A9%20%D8%A7%D9%84%D8%AE%D8%B2%D8%A7%D9%86%D8%A9%20%D8%A7%D9%84%D8%B9%D8%A7%D9%85%D8%A9%20%D9%81%D9%8A%20%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9%20%D9%84%D9%84%D8%A7%D8%AA%D8%B5%D8%A7%D9%84%D8%A7%D8%AA%20%D9%84%D9%84%D8%A8%D9%8A%D8%B9%20%D9%81%D9%89%20%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9%20%D9%84%D9%84%D9%85%D8%A4%D8%B3%D8%B3%D8%A7%D8%AA%20%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9%20%D8%A8%D9%82%D9%8A%D9%85%D8%A9%20%D8%A5%D8%AC%D9%85%D8%A7%D9%84%D9%8A%D8%A9%20%D9%A3%2C%D9%A7%D9%A4%D9%A7%20%D9%85%D9%84%D9%8A%D8%A7%D8%B1%20%D8%AC%D9%86%D9%8A%D9%87%20%D9%88%D8%AA%D9%85%20%D8%AA%D8%BA%D8%B7%D9%8A%D8%A9%20%D8%A7%D9%84%D8%B7%D8%B1%D8%AD%20%D9%A3%2C%D9%A1%D9%A1%20%D9%85%D8%B1%D8%A9\" style=\"\">the Finance Ministry<\/a><\/span><span> said.<\/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\">This is the first sale under the privatization program<\/span><span style=\"\"> launched in February, under which the <\/span><span style=\"font-weight:400;\">government aims to sell stakes in 32 companies by March 2024.<\/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\">Demand was stronger than initially reported: <\/span><span style=\"\">The Finance Ministry\u2019s accelerated <\/span><span style=\"font-weight:400;\">bookbuilding process saw the secondary share sale covered 3.1x, it said in the statement.<\/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 still don\u2019t know who bought in:<\/span><span style=\"\"> The government is yet to reveal which institutions <\/span><span>purchased shares in the company. CI Capital \u2014 which acted as joint financial advisor and bookrunner on the transaction \u2014 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/766.pdf\" style=\"\">said (pdf)<\/a><\/span><span style=\"font-weight:400;\"> that \u201cinternational, regional, and domestic institutional and high-net-worth investors\u201d subscribed, without disclosing further details.<\/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 is important:<\/span><span style=\"\"> Getting foreign investors on board with the privatization program <\/span><span style=\"font-weight:400;\">is key if the government is going to use asset sales to address our acute shortage of FX. Selling to locals in EGP is fine if all you\u2019re trying to do is get the state out of the economy, but does little to bring in fresh inflows of hard currency.<\/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\">Now it\u2019s TE employees\u2019 turn: <\/span><span style=\"\">TE\u2019s employees have until the end of the working day on 25 May <\/span><span>to subscribe to the remaining 0.5% of the company (8.5 mn shares) earmarked for them in the second stage of the transaction. If the employee tranche is undersubscribed, the government has the option to sell any remaining shares to investors. Share transfers to employees will be executed by 1 June. <\/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=\"\">Al Ahly Pharos<\/span><span style=\"\"> and<\/span><span style=\"\">CI Capital<\/span><span style=\"\"> acted as joint financial advisors and bookrunners <\/span><span>alongside NI<\/span><span> Capital, according to an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/739.PDF\" style=\"\">FRA statement (pdf)<\/a><\/span><span>. <\/span><span>Adsero Ragy & Partners <\/span><span>were legal advisors to TE, while <\/span><span>Zulficar & Partners acted as legal adviso<\/span><span>r on the transaction. <\/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 style=\"\">The government aims to raise USD 2 bn via <\/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=\"\">asset sales<\/a><\/span><span style=\"\"> by the end of June. <\/span><span>Together with the sale of Pachin to Dubai-based National Paints Holding, it has now reached some <\/span><span>7% (USD 147 mn)<\/span><span> of that target. <\/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\">ADQ IN FOR SAFI?<\/span><\/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\">ADQ\u2019s Agthia makes a bid for <\/span><span style=\"font-weight:700\">Safi<\/span><span style=\"font-weight:700\">: <\/span><span style=\"\">ADQ-owned Emirati F&B company Agthia is among <\/span><span>several bidders for military-owned bottled drinks firm Safi, a source close to the transaction confirmed to Enterprise after the news was first reported by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/13\/1666144\" style=\"\">Al Borsa<\/a><\/span><span>. The Madbouly cabinet <\/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=\"\">last week said<\/a><\/span><span> that both Safi and military-owned fuel retailer Wataniya would start receiving offers from strategic investors this month. The government has reportedly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9690369-438a-48ba-b8b4-a1a132dab7e1\" style=\"\">tapped CI Capital<\/a><\/span><span> to market stakes of at least 10% in each fir<\/span><span>m to strategics. <\/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\">Agthia isn\u2019t new to our market: <\/span><span>The company <\/span><span>last year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be49d19c-306f-4ee9-b6ee-b0dba42a18be\" style=\"\">bought a 60% stake<\/a><\/span><span> in Egyptian food company Auf Group, and in 2021 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248e5d41-7c58-42ed-abe9-f67d9ac74995\" style=\"\">acquired 75%<\/a><\/span><span style=\"font-weight:400;\"> of Atyab brand owner Ismailia Agricultural and Industrial Investments.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The sale was more than 3x oversubscribed<\/p>\n","protected":false},"author":1,"featured_media":586623,"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":[299,1326,214,68,72,7128,81,586,212],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-adq","tag-agthia","tag-cit","tag-egx","tag-enterpriseam","tag-ma-watch","tag-privatization-watch","tag-safi","tag-telecom-egypt","wpautop","entry"],"acf":{"mongo_id":"053a8175-6db9-4185-ab3d-520dc017ac28","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/773.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt sells 9.5% of state-owned telco to investors. PLUS: ADQ\u2019s Agthia bids for Safi","related_issue":[586617],"teaser":"The sale was more than 3x oversubscribed","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.b1895b01-aba8-45b0-b1ba-5a75e4c7a85b.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 wraps - 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\/15\/telecom-egypt-sale-wraps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Telecom Egypt sale wraps\" \/>\n<meta property=\"og:description\" content=\"The sale was more than 3x oversubscribed\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-15T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/773.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Telecom Egypt sale wraps\",\"datePublished\":\"2023-05-15T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/\"},\"wordCount\":502,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/773.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ADQ\",\"Agthia\",\"CIT\",\"EGX\",\"EnterpriseAM\",\"M&amp;A Watch\",\"privatization watch\",\"Safi\",\"Telecom Egypt\"],\"articleSection\":[\"Privatization\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/\",\"name\":\"Telecom Egypt sale wraps - 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