Etisalat Egypt considering IPO, expects to invest EGP8 billion over next three years

5 Nov 2009

Egyptian mobile network operator Etisalat Misr is mulling the option of a listing on the Egyptian bourse, having spent around EGP8 billion (USD1.46 billion) on the development and deployment of its network infrastructure, Reuters reports. In a statement the operator noted: ‘The intention to have an initial public offering (IPO) for Etisalat Misr is there…We do not have a definite time frame for it, but when we feel the time is right, we will proceed.’

The operator became the third player in Egypt’s wireless sector in May 2007, having won Egypt’s third mobile concession in July 2006 with a bid of EGP16.7 billion. The cellco has claimed that, since launch, it has spent EGP8 billion on its operations, the bulk of which were for network development, and it says it plans to double this investment in the next three years.

Egypt, Etisalat Misr