Egypt is offering to sell a 10 percent stake in state-controlled Telecom Egypt, sources with knowledge of the offer said on Monday.
The Egyptian government owns 80 per cent of Telecom Egypt’s shares, while the other 20 per cent is already trading on the Egyptian stock exchange.
The sale is being managed by local investment banks CI Capital and Ahly Pharos, the sources added.
Telecom Egypt, is the country’s primary telephone company.
It started in 1854 with the first telegraph line in Egypt.
In 1998, it replaced the former Arab Republic of Egypt National Telecommunication Organisation.
The company has a fixed-line subscriber base in excess of 6 million subscribers.
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Telecom Egypt acquired TE Data (formerly GegaNet) in late 2001 to act as its data communications and ISP arm.
The company has another IT arm, Xceedcc – Xceed contact centre – located in Egypt’s Smart Village.
Telecom Egypt also owns 44.95 per cent of Vodafone Egypt.
Telecom Egypt has adopted the contemporary quality integration trends and established the quality sector in 2001, which is now preparing the whole company to take the ISO 9001-2000 certificate.
Its main operational offices are in Cairo, Al Mansurah, Ismailia, Alexandria, Suez, and Tanta.
On Aug. 31, 2016, Telecom Egypt became a fully-fledged mobile operator after agreeing to pay LE 7.08 billion (€713.14 million) for a 4G license.
On Sept. 18, 2017, the company launched its mobile service, branded WE.
In February 2019, Telecom Egypt signed a Memorandum of Understanding with its strategic partner, Nokia, for the development of 5G use cases in Egypt.