The Egyptian Finance Ministry announced on Sunday the sale of the first batch of Telecom Egypt shares in the secondary market of Stock Exchange.
According to the ministry, 9.5 percent 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 at a total value of 3.747 billion pounds.
Demands on the shares of the first group reached 504,477,277 shares, more than the offered stocks by 3.11 times.
The second batch represents 5% of the shares totaling 8,535,358 shares, the ministry said.
The second offering, dedicated to staffers of Telecom Egypt, will start as of 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 are 170,707,160 shares, representing 10 percent of Telecom Egypt stocks and 12.5 percent of shares of the Finance Ministry.
Prior to the deal, the Egyptian government held 80 percent of the telecommunications company’s equity.
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