Egyptian state to delay Telecom Egypt IPO

23 Dec 2008

Reuters is reporting that the Egyptian government is set to delay the offer of a second tranche of shares in fixed line monopoly operator Telecom Egypt. The state had originally suggested it would offer shares in the telco during 2009, but it now looks likely to postpone the offer. Tarek Kamel, minister of communications and information technology, was quoted as saying, ‘There were plans that the government would offer an additional tranche of Telecom Egypt on the stock market…we were planning for this to happen in 2009, but all indications confirm that we will postpone this offering.’ An initial public offering (IPO) of 20% in the operator took place in December 2005 and raised EGP5.13 billion (USD930.3 million).

Egypt, Telecom Egypt