{"id":644153,"date":"2024-09-22T00:00:00","date_gmt":"2024-09-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/22\/is-the-government-getting-ready-to-sell-another-10-stake-in-telecom-egypt\/"},"modified":"2024-09-22T00:00:00","modified_gmt":"2024-09-22T00:00:00","slug":"is-the-government-getting-ready-to-sell-another-10-stake-in-telecom-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/22\/is-the-government-getting-ready-to-sell-another-10-stake-in-telecom-egypt\/","title":{"rendered":"Is the government getting ready to sell another 10% stake in Telecom Egypt?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks.<\/strong> You may be on your way to work or sitting at your desk wishing it was still the weekend. So if you need a little pick me up, you\u2019ll be glad to hear that power outages will not be returning. We\u2019ve got this and more to kick off the week in the issue, below.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>BUT FIRST- We\u2019re now only two days away from this year\u2019s EnterpriseAM Finance <\/strong><strong>Forum<\/strong>, taking place on Tuesday, 24 September.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Taking to thes stage at EnterpriseAM Finance Forum this year is Investment Minister Hassan El<\/strong><strong> Khatib<\/strong>, who\u2019s joining us to outline a vision for where we\u2019re going as a community and as an economy. The keynote interview will get underway at 9am sharp, and you won\u2019t want to miss our exclusive networking breakfast from 8am.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Among the topics on the agenda<\/strong>, which <a target=\"_blank\" href=\"https:\/\/finance2024.enterprise.news\/#agenda\" style=\"\" rel=\"noopener\">you can view here<\/a>:<\/p>\n<ul>\n<li><strong>Welcome to the hot seat<\/strong> \u2014 top industry CEOs set the tone by addressing the biggest (and toughest) questions of the day. <\/li>\n<li><strong>Looking from the outside in<\/strong> \u2014 what foreign investors and strategics think about Egypt right now.<\/li>\n<li><strong>The only asset class in town \u2014<\/strong> It\u2019s real estate or nothing. We\u2019ll get into the ins and outs of the industry, how it\u2019s financing itself, which areas (and price points) are next, and more. <\/li>\n<li><strong>Gazing into that crystal ball <\/strong>\u2014 The outlook for dealflow in 2025, from M&A and IPOs to securitization, FX and more. <\/li>\n<li><strong>A once in a generation opportunity? <\/strong>\u2014 A deep dive into the promise and pitfalls of the emerging energy economy.<\/li>\n<li><strong>Do we really love banking SMEs? <\/strong>\u2014 With NBFIs and fintech players staking their claims, banks are starting to take the SME market seriously.<\/li>\n<li><strong>The NBFI panel<\/strong> \u2014 The resilience of the Egyptian consumer is the business story of the decade. How are banks and NBFS players building sustainable businesses? What are the opportunities \u2014 and credit worries \u2014 in the B2B space?<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** IMPORTANT NOTE \u2014 If you\u2019ve already received your invitation on email, you *must* <\/strong><strong>click through to confirm you\u2019re attending. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"http:\/\/finance2024.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1374.jpg?ssl=1\"\/><\/a> <\/p>\n<p class=\"tag-border-left\">PSA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s finally starting to feel like the summer weather is coming to an end in<\/strong><strong> Cairo today<\/strong>, with a high of 32\u00b0C and a low of 23\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a few degrees cooler over in Alexandria<\/strong>, with a high of 29\u00b0C and a low of 22\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>#1- <\/strong><strong>Is the state\u2019s p<\/strong><strong>rivatization program about to pick up a gear?<\/strong> The government is looking to sell an additional 10% of its stake in Telecom Egypt before the end of this year, a government source told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The 70% state-owned telecommunications giant <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\/egypt-aims-to-raise-usd-5-bn-from-privatization-by-june-2024\" style=\"\" rel=\"noopener\">was added<\/a> in 2023 to the state\u2019s list of 35 companies that the government is planning offload stakes for.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong>The Madbouly government has resumed negotiations for the sale of the state\u2019s remaining 20% stake in Alexbank to Italy's Intesa Sanpaolo Group, which currently holds the remaining 80% of the lender, the source added. If negotiations fall through once again, then the government will sell its stake to another strategic investor, the source said. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36c5215a-1746-4308-8523-6b35d181f175\" style=\"\" rel=\"noopener\">Negotiations over the sale<\/a> of the government\u2019s remaining stake in the bank were brought to a halt over disagreements on its valuation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- Brace for privatization shakeup: <\/strong>The state is revising its list of assets earmarked for privatization and has plans to bring in USD 1.5-2 bn from the program during the current fiscal year, another government source told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- A consortium of Egyptian, Saudi, and Emirati companies are planning to announce a <\/strong><strong>\u201cmajor\u201d USD 800 mn industrial sector merger next month, <\/strong>Zilla Capital Managing Partner Moustafa El Shenety \u2014 whose investment bank will help orchestrate the merger \u2014 told <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/industries\/54453\/%D8%AA%D8%AD%D8%A7%D9%84%D9%81-%D9%85%D8%B5%D8%B1%D9%8A-%D8%B3%D8%B9%D9%88%D8%AF%D9%8A-%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A-%D9%8A%D8%B9%D9%84%D9%86-%D8%B9%D9%86-%D8%B5%D9%81%D9%82%D8%A9-%D8%A7%D9%86%D8%AF%D9%85%D8%A7%D8%AC-%D8%B5%D9%86%D8%A7%D8%B9%D9%8A%D8%A9-%D9%82%D8%B1%D9%8A%D8%A8%D8%A7\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Emaar chief Mohamed Alabbar is planning to invest USD 2 bn by the end of 2025<\/strong>, he told <a target=\"_blank\" href=\"https:\/\/www.cnbcarabia.com\/128379\/2024\/21\/09\/%D9%85%D8%AD%D9%85%D8%AF-%D8%A7%D9%84%D8%B9%D8%A8%D8%A7%D8%B1-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:-%D9%84%D8%A7-%D9%81%D9%82%D8%A7%D8%B9%D8%A9-%D8%B9%D9%82%D8%A7%D8%B1%D9%8A%D8%A9-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">CNBC Arabia<\/a>. Alabbar added that he was interested in projects along the Red Sea and that he would also be open to a project in Ras El Hekma if land is offered up for a project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#4- Could we see our third fuel price hike of the year? <\/strong>The Egyptian General Petroleum Corporation (EGPC) has started its review of fuel prices and is expected to submit its findings to the fuel pricing committee by the end of this week, ahead of its meeting next month, government sources told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/09\/19\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AF%D8%B1%D8%B3-%D8%B3%D9%8A%D9%86%D8%A7%D8%B1%D9%8A%D9%88%D9%87%D8%A7%D8%AA-%D8%AA%D8%B3%D8%B9%D9%8A%D8%B1-%D8%A7%D9%84%D9%88%D9%82%D9%88%D8%AF-%D9%84%D9%84%D8%B1%D8%A8%D8%B9-%D8%A7%D9%84%D8%A3%D8%AE%D9%8A%D8%B1-%D9%85%D9%86-2024\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. The committee is scheduled to meet in October to review fuel prices for 4Q 2024 and the most likely scenario points to the committee leaving prices unchanged on the back of a dip in global crude oil prices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The government has hiked fuel prices twice this year \u2014 hiking petrol prices by 8-10% and diesel prices by 21.1% in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be2302e1-e1a7-4413-95b2-887642444241\" style=\"\" rel=\"noopener\">March<\/a> then again in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45d2052e-4c8d-4dde-b93c-8965df87dd03\/egypt-hikes-car-fuel-prices-by-up-to-15%2525\" style=\"\" rel=\"noopener\">July<\/a>, when it hiked prices by up to 15%. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DATA POINT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>The government expects pharma exports to reach USD 1.5 bn during the current fiscal<\/strong><strong> year, <\/strong> up from 1 bn the previous fiscal year, Prime Minister Moustafa Madbouly said during a televised address yesterday (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=2ePKd_J9j6U\" style=\"\" rel=\"noopener\">watch, run<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=2ePKd_J9j6U\" style=\"\" rel=\"noopener\">time<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=2ePKd_J9j6U\" style=\"\" rel=\"noopener\">: 12:12<\/a>). The number is expected to reach USD 2 bn within two years and USD 3 bn before 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news is sadly much the same as when we last gave a round-up of the international<\/strong><strong> press before the weekend, <\/strong>with Israel continuing to pound Lebanon and Gaza and the depressingly familiar reports of children and civilians continuing to find themselves on the receiving end of attacks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An Israeli strike on a residential building in a Beirut suburb <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ac505579-0bb7-469f-a9d7-2da42c6d3090\" style=\"\" rel=\"noopener\">killed at least 37 yesterday<\/a><\/strong><strong> \u2014<\/strong> including three children and seven women \u2014 in an attack purportedly directed at a meeting of some of Hezbollah\u2019s top military leadership. Senior Hezbollah leader Ibrahim Aqil was killed in the attack, along with 15 other Hezbollah members, according to the Israeli military, with Hezbollah confirming the deaths of the nine members identified by Israel. Aqil is the most high-profile member of Hezbollah\u2019s inner circle to be killed by Israel since Fuad Shukr was killed in July.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While attention has turned towards Lebanon, Israel has kept its bloody assault on Gaza<\/strong>, with an airstrike yesterday on a school housing displaced families <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/least-13-killed-israeli-strike-gaza-city-school-sheltering-displaced-wafa-says-2024-09-21\/\" style=\"\" rel=\"noopener\">killing 22 people<\/a> <strong> \u2014<\/strong> 13 of which were children and six were women.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OVER IN BUSINESS NEWS-<\/strong>.<strong>Qualcomm has reportedly approached Intel about a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c434aa54-d3ef-45d3-a7f4-1d45f43133fc\" style=\"\" rel=\"noopener\">potential<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c434aa54-d3ef-45d3-a7f4-1d45f43133fc\" style=\"\" rel=\"noopener\">takeover bid<\/a><\/strong> in what would likely be the biggest tech acquisition in history considering Intel\u2019s USD 93 bn market cap at the end of trading on Friday. The <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/how-intel-fell-from-global-chip-champion-to-takeover-target-3017d779?mod=tech_lead_story\" style=\"\" rel=\"noopener\">ailing chip-maker<\/a> \u2014 which lost nearly USD 30 bn in market value in August after a disastrous earnings report saw CEO Pat Gelsinger announce a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6c19fe7-5580-48d8-bf9a-ab9cd01bb1a0\/the-nasdaq-is-in-correction-territory.-warren-buffett-is-shifting-to-cash.-investors-fret-about-ai.-things-are-getting-interesting-on-planet-finance.\" style=\"\" rel=\"noopener\">15k job cut<\/a> and the scrapping of dividends \u2014 saw its stock price jump 8% after the story <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/deals\/qualcomm-approached-intel-about-a-takeover-in-recent-days-fa114f9d?mod=article_inline\" style=\"\" rel=\"noopener\">broke<\/a> on Friday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- As one tech company struggles to survive amid the AI race\u2019s choppy waters,<\/strong><strong> another doubles down<\/strong>, with Microsoft inking a <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ddcb5ab6-965f-4034-96e1-7f668bad1801\" style=\"\" rel=\"noopener\">20-year power supply agreement<\/a> with Constellation Energy to reopen the Three Mile Island nuclear plant in Pennsylvania in a bid to fulfill the rising energy demand of the company\u2019s AI infrastructure while keeping emissions to a minimum. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- OpenAI\u2019s latest funding round is set to raise at least <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/a8f9bd05-0999-415d-af86-c73e79ad5733\" style=\"\" rel=\"noopener\">USD 6 bn<\/a><\/strong>, bringing the company\u2019s total valuation to USD 150 bn. But questions remain about whether the company will grow enough to provide the return on investment its new backers are hoping for. \u201cHow would you ever get to a venture-style return on an investment of this sort?\u201d the chief investment officer of a US foundation asked the FT. \u201cI\u2019m not sure what the maths is there, or if there is any maths.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, folks. You may be on your way to work or sitting at your desk wishing it was still the weekend. So if you need a little pick me up, you\u2019ll be glad to hear that power outages will not be returning. We\u2019ve got this and more to kick off the week in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":644154,"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":[7204],"tags":[72,212,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-644153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-telecom-egypt","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"f445d680-f50d-40dc-b03d-cc79e70a09ac","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/2608.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Is the government getting ready to sell another 10% stake in Telecom Egypt?","related_issue":[644151],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.2becb1dd-8a14-4479-ad65-4559fb8f5280.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>Is the government getting ready to sell another 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\/2024\/09\/22\/is-the-government-getting-ready-to-sell-another-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=\"Is the government getting ready to sell another 10% stake in Telecom Egypt?\" \/>\n<meta property=\"og:description\" content=\"Good morning, folks. You may be on your way to work or sitting at your desk wishing it was still the weekend. So if you need a little pick me up, you\u2019ll be glad to hear that power outages will not be returning. 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