CEO of UAE’s Etisalat UAE Ahmed Julfar said that the joint committee formed to consider the best investment options for the group’s Egyptian unit, including the listing of the subsidiary’s shares on Egypt’s bourse, will submit its recommendation to the executive management in two months at most, according to Mubasher.
In a press statement on the sidelines of GITEX on Sunday, the top official added that UAE’s Etisalat is prepared to inject fresh investments into the Egyptian market, provided that the telecommunication sector is capable of safeguarding these investments.
Julfar did not elaborate on the volume of the fresh investments, according to Anadolu Agency.
Said Al Hamili, CEO of Etisalat Egypt , revealed earlier this month that the volume of his company’s investments in the
Egyptian market exceeded EGP 30 billion, amid continued expansion plans, especially in infrastructure.
Etisalat Group owns 66% in Etisalat Egypt, while other shareholders topped by the Post Co. for Investment hold 20% in the company, with other shareholders from the UAE and Saudi Arabia owning other stakes.
It was reported earlier that Etisalat Egypt was in talks with investment banks about what may be Egypt’s largest initial public offering (IPO) in almost five years.
Etisalat Egypt asked banks to make proposals to manage the share sale. The IPO is planned for Cairo and may raise about $500 million.
At $500 million, the sale would be Egypt’s biggest since Citadel Capital SAE raised $605 million in 2009, according to data compiled by Bloomberg.
The last major IPO on the Egyptian exchange was in 2010. Since then, Egypt’s capital markets have been hit by the political turmoil that has gripped the country since the uprising that swept autocratic leader Hosni Mubarak from power in early 2011.
Etisalat Egypt competes in Egypt’s mobile market with Vodafone Egypt and Mobinil, which is controlled by France Telecom.