Posted by Heba El-Sayed
Saturday, May 13, 2023 01:39 AM
An official source confirmed that 170 million shares of Telecom Egypt were sold at a price of 23.11 pounds, equivalent to 10% of its total capital, with a total value of 3.94 billion pounds, as part of the government offerings program, which was previously announced, and which comes within the implementation of the outputs of the state ownership policy document. It contributes to increasing foreign investment rates, enhancing the participation of the private sector in economic growth, and expanding the ownership base.
The source stated in a special statement to “The Seventh Day” that the shares sold from the government’s share in Telecom Egypt, which will decrease after the implementation of the deal next Sunday, to 70%, while major local and foreign investment funds obtained the shares, indicating that the deal will be implemented. Through the accelerated offering mechanism to quickly end the offering procedures, and to confirm the government’s seriousness in implementing the offering program.
--The source confirmed that Telecom Egypt’s management policy will continue to implement its plans to enhance the role of Telecom Egypt in the country’s strategy towards digital transformation, by providing communication services of the highest quality and the latest fiber-optic technologies, continuing to replace access networks, and expanding in the main, backbone and international networks to keep pace with Market requirements for transferring data at higher speeds and capacities with outstanding quality, whether for individual customers, companies and institutions, or licensed telecommunications service providers in the Egyptian market. Strengthening the company’s role as a regional digital hub and an ideal path for data traffic from east to west; To make the best use of the international network.
Telecom Egypt’s share closed at 23.110 pounds, at the end of the week’s trading, down by 0.9%. The company’s market capital amounts to 39.5 billion pounds, and the government acquires the largest percentage of Telecom Egypt, up to 70%, while the remaining percentage is traded on the Egyptian Stock Exchange. .
Telecom Egypt achieved revenues amounting to 44.3 billion pounds during 2022, a growth rate of 19% compared to the previous year, and net profit after taxes amounted to 9.2 billion pounds, a growth rate of 9% compared to the previous year, supported by outstanding operational performance.
