The Ministry of Finance confirmed that the sale of the first batch of Telecom Egypt’s shares in the secondary market on the Egyptian Exchange, which targets financial institutions, high-net-worth individuals, and individuals and entities with experience in the field of securities, has been completed.
The Ministry of Finance stated, in a statement on Sunday, that the offered stake amounted to 162,171,802 shares, or 9.5% of the total shares of the company’s capital, pointing out that this tranche was offered with the Accelerated Book Building system, which is a system recognized internationally.
It explained that the selling price amounted to EGP 23.11 per share, with a total value of EGP 3.747bn, pointing out that the volume of orders contained in the first tranche amounted to 504,177,227 shares, equivalent to 3.11 times the total shares offered for that tranche.
The Ministry of Finance indicated that the second tranche scheduled for the employees of Telecom Egypt is within the limits of 5% of the total shares offered, with a maximum of 8,535,358 shares, and the company’s employees will be allowed to register orders with the brokerage company in the stock exchange trading system on the special deals market “OPR” screens, starting from today, Sunday, until the end of a working day on Thursday, 25 May, provided that implementation takes place within five working days from the closing date of the special deals market on 25 May, and if the workers have not exhausted the percentage allotted to them in full, the selling shareholder has the right to offer that percentage or what is left to other shareholders with financial solvency.
It added that after offering the second tranche to workers, the total shares offered for sale on the stock exchange to expand the ownership base include 170,707,160 shares of Telecom Egypt’s capital, representing 10% of the company’s capital shares and 5.12% of the shares owned by the Ministry of Finance as a representative of the state.
It pointed out that this offering comes within the program of government proposals to expand the ownership base, which includes companies owned by the state or that contribute to it, which opens new horizons for maximizing the contributions of the private sector in economic activity so that it becomes the locomotive of economic growth, within the framework of the state ownership policy document, in a manner that helps in the flow of investments and enhances the stability of the Egyptian economy. The offering in the stock exchange also contributes to the dominance of the trading volume of securities in the stock exchange.
