The Egyptian government sold 10% of its stake in Telecom Egypt by inviting subscriptions through the book building mechanism last Thursday, relevant sources told Daily News Egypt. The sources added that the offered shares were covered twice, in a deal valued at about $128m. The average value of sold shares amounted to EGP 23.25 per share, provided that the settlement of the deal takes place on 15 May. Bloomberg International Agency, published last Thursday, that a book building mechanism was opened to offer an additional 10% of Telecom Egypt, with a price range ranging between EGP 22.22-27.16 per share. Data services revenues increased by EGP 3.2bn compared to the previous year, with other revenues of the enterprise business unit increasing by EGP 0.9bn.

Source: Daily News Egypt May 15, 2023 21:41 UTC