Court adjourns Telecom Egypt share sale invalidity order to Dec 6

A Cairo administrative court has adjourned a lawsuit filed to nullify the sale of 20 percent of landline monopoly Telecom Egypt (TE) until 6 December 2016, TE reported in a filling to the country’s bourse on Wednesday.

In 2005, Telecom Egypt offered 20 percent of its share for subscription on the local stock market, amounting to 340 million shares at purchase price of 10 pounds per share.

The commissioner’s authority earlier said that the subscription prospectus endorsed by the Egyptian Financial Supervisory Authority (EFSA) on 28 November 2005 may be invalid.