Etisalat mulling sale of 10%-15% stake in Egypt mobile start-up, papers say

26 Jul 2006

Etisalat of the UAE has hinted that it might sell part of its stake in the consortium that won Egypt’s third mobile licence earlier this month, according to the Khaleej Times. The winning bid for the combined 2G and 3G operating concession is reportedly worth EGP16.7 billion (USD2.9 billion), almost eight times the minimum offer, and Etisalat expects to receive the concession next month, ahead of a planned launch in February 2007. Etisalat holds around 66% of the equity in the winning consortium, with the remainder split between domestic partners including Egypt Post, National Bank of Egypt and Commercial International Bank (Egypt). Etisalat spokesman Jaber Al Janahi told local reporters that the company was studying an option to sell between a 10% and 15% stake: ‘We are in talks with several bidders but have not yet chalked out the details of the sale. It is too early to put a price. We are currently evaluating the capabilities of the bidders.’

Egypt, Etisalat UAE