Yesterday, The Ministry of Finance announced the sale of the first batch of Telecom Egypt shares in the secondary market of the Stock Exchange.
According to the ministry, 9.5% of the company’s shares were sold on Thursday, totaling 162,171,802 shares, under the Accelerated Book Building at a price of 23.11 pounds and a total value of EGP3.747 bn.
Demands on the shares of the first group reached 504,477,277 shares, more than the offered stocks by 3.11 times.
The ministry confirmed that the second batch represents 5% of the shares, totaling 8,535,358 shares.
The second offering, dedicated to staffers of Telecom Egypt, will start on Sunday till May 25. Staffers are allowed to register their buying orders under the OPR system. In case staffers did not buy the offered shares, the shareholder could offer them to investors.
By the two batches, the total amount of offered shares is 170,707,160 shares, representing 10% of Telecom Egypt stocks and 12.5% of shares of the Finance Ministry.
Before the deal, the Egyptian government held 80% of the telecommunications company’s equity.
