Kuwait issues travel warning over Lebanon protests    Erdogan says not a problem for Turkey if Syrian forces are in areas cleared of Kurdish forces    Pompeo seeks to assure Israel US focus stays on Iran 'threat'    Egypt says strategic wheat reserves enough to cover its needs until February    Egypt keen to support DR Congo: Ambassador    Ratcliffe to rely on young talents to help Nice grow    Social media facilitates racist abuse, says Leicester's Morgan    Criticism of Man Utd transfer strategy an insult to club-Woodward    US vaping-related deaths rise to 33, cases of illness to 1,479    Cairo metro back to normal operations following hours-long power disruption    Egypt's Pope Tawadros opens Saint Mary, Mar Youhanna Church in Belgium    Apache Corp. plans to increase investments in Egypt: CEO    Egypt's Irrigation minister reviews latest developments of Ethiopia's Renaissance Dam in Budapest    UK, EU clinch new Brexit deal    U.S. Trump defends Syria pullout, condemned by House in bipartisan vote    'Passports should be valid for six months,' Egypt's foreign ministry advises citizens planning travel abroad    Unpaid work hits 35% of Egypt's GPD, but still not included in economic calculations: IMF    Egypt's FM Shoukry holds talks with Lithuania's govt. chancellor    Egypt's c.bank Oks new regulations tightening control on micro-financing    Dollar, pound tread water, Aussie bolstered by jobs report    European stocks set for cautious open ahead of crucial EU summit    Egypt in talks with World Bank over solid waste management loan    Grand Nile Tower Arts & Cultural Centre launches second round    AUC students win prestigious award at SensUs 2019    Egypt's coach Hossam El-Badry satisfied with winning start despite technical problems    Hundreds released    Luxor's new discoveries    Moroccan film Nomades scoops awards in Alexandria Film Festival    Toshiba's JV with Egyptian Elaraby opens regional HQ in South Africa    Six authors vie for Booker prize 2019, Atwood in the lead    In Photos: A sneak peek into rehearsals for the Cleopatra ballet world premiere    Sisi, Ethiopia's PM to meet in Moscow to discuss GERD issue    Sisi: army engaged in attrition phase against terrorism in Sinai since 2013    10K fans to attend Egypt's friendly against Botswana in Alexandria: EFA    Sisi, Ethiopia's PM agree to overcome obstacles in Nile dam talks    Farwell to Egyptian comic actor Talaat Zakaria    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Egypt telecom IPO raises $892 million, valued at $4.6 billion
Published in Daily News Egypt on 10 - 12 - 2005

CAIRO: Telecom Egypt (TE) raised LE 5. 132 billion ($892 million) from its initial public offering, valuing the company at $4. 6 billion on the London and Cairo exchanges where it will begin trade next week, it said on Thursday.
The IPO was the largest from the Middle East and North Africa to list on an international exchange, the company s bankers said.
This year, companies such as telecoms firm Investcom and Oman s Bank Muscat have listed global depository receipts in London,as they look to increase their international exposure and gain access to large foreign exchanges, which typically are more liquid than domestic ones. Egypt Telecom will begin trade on Dec. 14.
About 340 million shares in total were on offer in the IPO. Half were reserved for investment institutions, and after the deduction of shares sold to retail investors, the remainder was set aside for employees.
Egypt s stock exchange said in a statement on Thursday, a day after bidding closed, that retail investors bidding for shares in the Telecom Egypt IPO received 10. 6 percent of the number of shares they asked for.
Retail bidders could buy a maximum of 10,000 of the 154 million shares available to the public. Demand hit 1. 45 billion shares, a source close to the IPO said.
Shares were priced at LE 15. 56 ($2.71) for investment institutions and LE 14. 80 for retail investors.
The partial privatization of TE, which has a landline monopoly in the Arab world s most populous country, was one of the largest since a cabinet of economic liberals took office in July 2004.
Bankers expect more public offerings of state-owned companies in Egypt, including in the tobacco and utilities sectors.
"This IPO is a great confirmation of the seriousness of the Egyptian government about privatization, said Albert Momdjian, a banker at Credit Suisse First Boston (CSFB).
CSFB and EFG Hermes were lead managers on the TE listing.
There is an over-allotment option of 41.9 million shares or 12.3 percent of the total offer size. -Reuters


Clic here to read the story from its source.