The Egyptian Stock Exchange (EGX) announced on Sunday the completion of a 196 million Egyptian pound deal for a ten percent stake in Telecom Egypt. The deal included 8.4 million shares, or around 0.5 percent of the company’s total cap.
The deal was a second tranche deal, with the first taking place on May 14. The government now owns a stake of 70 percent in the company, compared to 80 percent before the deal, with 20 percent traded on the EGX.
In accordance with the Extended Fund Facility (EFF) of $3 billion that the International Monetary Fund (IMF) approved for Egypt in December, Egypt is currently stepping up its efforts to discharge its obligations to the IMF.
The initial loan programme assessment was postponed from March 15 to June.