Egypt mulls offering extra shares in Telecom Egypt – minister

Egypt is exploring a sale of additional shares in state-run Telecom Egypt on the local bourse, Reuters Arabic quoted Communications Minister Amr Talaat as saying on Sunday.

Egyptian government owns 80 percent of Telecom Egypt, the biggest fixed-line operators in Africa and Middle East.

TE, the state’s fixed-line monopoly, was the first company to buy a 4G licence from the government in August 2017 for 7.08 billion Egyptian pounds ($392 million) to enter the mobile market directly. The company managed to capture 3 percent share of the Egyptian mobile market in 2018 and 5 percent this year, executive officials in TE told Reuters.