The Egyptian government intends to sell 10% of its stake in Telecom Egypt, informed sources told Reuters.
The sources indicated that the sale will be managed by CI Capital and Al Ahly Pharos Bank.
It is noteworthy that the Egyptian government owns about 80% of Telecom Egypt's shares, while the remaining 20% is traded on the Egyptian Stock Exchange.
Telecom Egypt achieved a net profit after taxes during 2022 amounting to EGP 9.2 billion, with an annual increase of 9 percent, supported by distinguished operational performance.
Telecom Egypt's revenues increased in 2022 by 19%, amounting to EGP 44.3 billion.
The increase in the company's revenues was driven by an increase in the revenues of the retail business units and the wholesale business units by 21% and 17%, respectively.
The number of fixed-line subscribers increased by 5%, and the number of fixed-high-speed internet customers increased by 9%.
The number of mobile subscribers increased by about 3 million, supported by an increase in government initiatives and projects, which amounted to 1.5 million new subscribers.
Telecom Egypt
