Arab Finance: The diversified financial services firm CI Capital (CICH) has finalized an EGP 3.75 billion follow-on sale of 162.172 million shares or 9.5% of Telecom Egypt’s (ETEL) issued share capital, according to an emailed press release to Arab Finance on May 14^th.

The secondary offering valued Telecom Egypt at EGP 39.5 billion or EGP 23.11 per share, as of Thursday’s, May 11^th, closing market price.

CI Capital served as both bookrunner and joint financial advisor on the transaction.

“This is our third transaction from the Government privatization program following the Abu Qir Fertilizers follow-on sale and the IPO of e-finance. Since 2014 CI Capital has executed more than 52% of Egypt’s equity capital markets transactions as Egypt’s leading diversified financial services group,” Managing Director of Investment Banking at CI Capital Gamal Olama stated.

On May 12th, it was reported that Egypt sold a 10% stake in Telecom Egypt for nearly EGP 3.95 billion in a long-awaited first step in the government’s initial public offerings (IPO) program.

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