Egypt Bourse still in Talks with Etisalat over Listing Shares

Egypt is aiming to reach an agreement with UAE’s mobile operator Etisalat on listing its Egyptian arm’s shares in the local market within the upcoming period.

Egyptian stock Exchange (EGX)’s management is planning to hold talks in the coming period with a number of companies expressed keenness to list their shares in the local market, notably Etisalat Misr.

From this respect, EGX board member Soliman Nazmy stressed ongoing negotiations with Etisalat Misr to list its shares in the market, in the light of being on the top of the country’s telecommunications sector in addition to Telecom Egypt.

In March, UAE’s mobile operator Etisalat CEO Ehab Rushdi revealed intention to prepare its Egyptian unit ‘Etisalat Egypt’ for an initial public offering (IPO) in Egypt’s bourse.
Rushdi noted that the stock listing requires favorable atmosphere including fair competition, in addition to strict legislations ensuring investors’ rights.

Etisalat UAE’s CEO also stressed that listing on EGX will give Etisalat a competitive edge, especially after the delisting of Vodafone and Mobinil.