Egypt suspends sale of Telecom Egypt stake -sources

<strong>Egypt suspends sale of Telecom Egypt stake -sources</strong>

Telecom Egypt, a government-owned telecom company, has suspended the recent decision to sell 10 percent of its stake. 

The news reports show that the suspension came amid the economic instability in the Egyptian market and worldwide. 

The telecom company took the step, where the government owns 80% of stakes, amid the country’s plan to boost the engagement of the private sector and sell stakes in public-owned companies.

Egypt targeted $10 billion in 2022 annually over four years through private investment in government assets. Recently, the government announced it would sell stakes in 32 companies.

It was reported that interest from foreign investors wasn’t high; the sale process was being supervised by Egyptian investment banks CI Capital and Ahly Pharos.

In 2005, the country sold a 20 percent stake in Telecom Egypt in an Initial Public Offering (IPO ).

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