Egyptian government keen on Etisalat Misr IPO

15 Oct 2014

Egyptian communications minister Atef Helmy has said the state is keen to see mobile network operator Etisalat Misr, a subsidiary of United Arab Emirates-based Emirates Telecommunications Corporation (Etisalat), list on the local stock exchange, according to Gulf News.

As previously reported by CommsUpdate, in August 2014 Etisalat was said to be considering a listing of its Egyptian unit on the local bourse which could be worth as much as USD500 million, though a statement made to the Abu Dhabi bourse noted: ‘No decision has been taken yet regarding the initial public offering (IPO) as the subject is still under review by Etisalat Misr’s board and it is subject to approval by the company’s shareholders including Etisalat.’

Commenting on the possibility of Etisalat Misr moving forward with plans to list, Mr Helmy was cited as saying: ‘It’s very important because definitely this will show a sign of stability in Egypt.’

Egypt, Etisalat Misr, Ministry of Communications & Information Technology (MCIT)