Egypt’s Ministry of Finance sells a 9.5 percent stake in state-owned telecom operator Telecom Egypt, raising more than LE 3.7 billion, which accounts for $121 million. The volume of requests received in the first tranche reached more than 504 million shares, which is around 3.11 times more than the total shares offered for that tranche. The Egyptian government sold more than 162 million shares, at a price of EGP 23.1 per share. Before this rating action, Egypt's ratings were B3 and the outlook was stable. The Telecom Egypt transaction signals Egypt’s seriousness about conforming to the economic reform program and stressing the government’s willingness to work towards supporting economic growth and stability in the country.
