The Egyptian Ministry of Finance is considering selling a further stake in Telecom Egypt as the majority shareholder of the company with a 70% stake, sources familiar with the matter told Al Borsa News.

The ministry is probing selling a 10% to 15% stake in Telecom Egypt, additional to the 10% stake offered for sale last May, the sources noted.

The sources stressed that selling an additional stake in Telecom Egypt will not affect its ownership sale deal in Vodafone Egypt, in which it holds a 45% stake.

The acquisition deal of Vodafone Egypt by Qatar Investment Authority (QIA) is set to be settled this month, yet the targeted share has not been agreed on, the sources added.

It is worthy to note that the QIA seeks to fully acquire Vodafone Egypt, whereas Telecom Egypt is considering selling 25% of the latter and keeping a 20% stake.

 

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