Egyptian government has named financial and legal advisors to manage the sale of a minority stake in Telecom Egypt (ETEL), Asharq Business reported on March 6th, citing unnamed sources familiar with the matter.

The government has not determined the size of the new stake to be offered in the telecom operator yet; however, it could range between 10% and 20%, one of the sources revealed.

Another source added that Telecom Egypt would alternatively go for future flow securitization in US dollar if the government did not sell any stakes in it.

The government owns 80% of Telecom Egypt, while the remaining 20% of the company's shares are being traded on the Egyptian Exchange (EGX).

It was reported by Reuters that Egypt is offering to sell a 10% stake in the operator, with the sale being managed by local investment banks CI Capital and Ahly Pharos.

Based on the current price share, the 10% stake would be estimated at about EGP 4.55 billion.

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