The Egyptian government is expected to sell an additional 10 percent stake in state-run Telecom Egypt through a share sale this month, aiming to raise cash and reassure investors, according to anonymous sources familiar with the matter. As early as this week, the company will begin a book-building process for institutional investors, with shares expected to be listed on the Egyptian stock exchange. This figure is discounted at 3.8% to Telecom Egypt's last close of LE 23.14 per share. The sale of a portion of Telecom Egypt is part of the government's plan to promote private sector growth while attracting international investors by exiting certain sectors. The company also holds a 45 percent stake in Vodafone Egypt.
