Sources connected to the government’s IPO programme have said that the government aims to earn $2bn from the sale of either Telecom Egypt’s stake in Vodafone Egypt or the Beni Suef power station before the end of this month. The sources added to Daily News Egypt that Telecom Egypt, which is 70% owned by the government, intends to sell all its shares in Vodafone Egypt, amounting to about 45%. The sources added that there are currently negotiations with the Qatar Investment Authority about the evaluation, and expectations indicate that it amounts to about $3bn for the entire company, but the final evaluation has not yet been settled. In a related context, the sources said that the alternative plan would be to sell the Siemens station, especially after renewed efforts by Edra Holding and Actis to buy the station. The Beni Suef power station is one of three stations built by the German company Siemens with a total capacity of 14.4 gigawatts, and was inaugurated in mid-2018.

Source: Daily News Egypt June 13, 2023 19:12 UTC