Arab Finance: The Financial Regulatory Authority has approved selling 10% stake in Telecom Egypt (ETEL), representing 170,707,160 shares, according to a statement sent to the Egyptian Bourse on May 14^th.

On May 12^th, it was reported that the Egyptian government sold a 10% stake in Telecom Egypt for nearly EGP 3.95 billion, at a price of EGP 23.11 per share.

Sourced told Asharq Business that the offering was subscribed by less than 2.5x.

Large portion of the stake was purchased by local investors, while Arab and foreign investors just acquired a limited number of the offered shares.

Telecom Egypt represents the long-awaited first step in the government’s initial public offerings (IPO) program.

Prior to the transaction, Telecom Egypt was 80%-owned by the government, while the remaining 20% of the company's shares are being traded on the Egyptian Exchange (EGX).

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