{"id":587542,"date":"2023-05-29T00:00:00","date_gmt":"2023-05-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/te-wraps-up-10-divestment-with-share-sale-to-employees-plus-efg-to-launch-new-sme-lender\/"},"modified":"2023-05-29T00:00:00","modified_gmt":"2023-05-29T00:00:00","slug":"te-wraps-up-10-divestment-with-share-sale-to-employees-plus-efg-to-launch-new-sme-lender","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/te-wraps-up-10-divestment-with-share-sale-to-employees-plus-efg-to-launch-new-sme-lender\/","title":{"rendered":"TE wraps up 10% divestment with share sale to employees. PLUS: EFG to launch new SME lender"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">PRIVATIZATION-<\/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\">TE closes<\/span><span style=\"font-weight:700\"> share sale to employees<\/span><span style=\"\">: The government raised EGP 196.3 mn from the sale of a <\/span><span>0.5% stake (8.5 mn shares) in Telecom Egypt (TE) that were earmarked for the company\u2019s employees on the EGX yesterday, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1480.png\" style=\"\">an EGX bulletin<\/a><\/span><span>. The transaction wraps the government\u2019s secondary offering of a 10% stake in TE, bringing the total value raised to some EGP 3.95 bn. Shares were priced at EGP 23.11 apiece in both portions of the offering, with the<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/053a8175-6db9-4185-ab3d-520dc017ac28\" style=\"\">9.5% stake<\/a><\/span><span> sale (162.2 mn shares)<\/span><span style=\"font-weight:400;\"> to institutional investors earlier this month raising some EGP 3.75 bn. The transaction marks the first significant sale in the state\u2019s privatization program, which aims to raise some USD 2 bn by the end of 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\">Market reax:<\/span><span style=\"\"> TE\u2019s share price rose 3.6% during yesterday\u2019s session, closing at EGP 24.24.<\/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;\">FINANCE-<\/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\">EFG Holding\u2019s NBFI platform<\/span><span style=\"font-weight:700\">plans to launch a new company that will offer financing to <\/span><span style=\"font-weight:700\">SMEs<\/span><span>, EFG Finance <\/span><span>CEO Aladdin El Afifi confirmed to Enterprise yesterday after the news was first reported by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3N2lta8\" style=\"\">Al Mal<\/a><\/span><span>. The new firm will extend loans of <\/span><span>between EGP 250k and EGP 5 mn<\/span><span>, with a focus on SMEs in the <\/span><span style=\"font-weight:400;\">tech and food sectors, he said. It will draw on the existing customer base at EFG Finance subsidiaries including microfinance provider Tanmeyah, according to El Afifi. <\/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;\">CONSTRUCTION-<\/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\">Egyptian contractors have USD 15 bn worth of Libyan contracts pending: <\/span><span style=\"\">Egyptian <\/span><span>contractors have signed USD 15 bn worth of contracts with Libya over the past 18 months but current political instability has made it difficult for companies to start construction, Hassan Abdelaziz, president of African Federation for Construction Contractor's Associations (AFCCA), told CNBC Arabia (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/43cpfDx\" style=\"\">watch, runtime: 1:41<\/a><\/span><span style=\"font-weight:400;\">).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company raised almost EGP 200 mn selling a 0.5% stake to employees<\/p>\n","protected":false},"author":1,"featured_media":587543,"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":[7209],"tags":[111,7107,72,503,7128,595,81,212],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-efg-holding","tag-enterpriseam","tag-financial-services","tag-ma-watch","tag-non-banking-financial-services","tag-privatization-watch","tag-telecom-egypt","wpautop","entry"],"acf":{"mongo_id":"33bb50a4-c4f9-4700-afb9-c186ac3eb9d2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1536.jpg","photo_position":"above","homepage_title":"TE wraps up 10% divestment with share sale to employees","full_issue_title":"Telecom Egypt wraps up 10% divestment with share sale to employees. 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