Telecom Egypt Considering Offers to Buy TowersSource: www.export-egypt.com 12/18/2023, Location: Africa |
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Telecom Egypt (TE) has received multiple non-binding offers to buy its broadcasting towers, according to a bourse statement released.
The company confirmed that it is currently studying the proposals and will make a formal announcement once a decision has been reached. This announcement comes amid reports in local media about three offers to acquire Telecom Egypt towers, with a combined value of up to $250 million. TE recorded a net profit of EGP 9.1 billion during the first nine months of 2023, up 48 percent from the corresponding period last year, driven by increased revenues and a significant expansion of its customer base. Telecom Egypt represents part of the government's privatization programme (IPO), launched in February, which aims to offer 35 state-owned companies to strategic investors by the end of June 2024. A list of 32 companies was released in February and three companies were added to it later in 2023: Eastern Company, Al Ezz Dekheila, and Telecom Egypt. The Ministry of Finance announced in May the sale of a 10 percent stake in Telecom Egypt. Before this, the government owned 80 percent of TE, with the remaining 20 percent traded on the EGX. With this deal, the government's ownership stake was reduced to 70 percent. The privatization programme has already generated $5 billion in revenue, and an additional $5 billion in deals are expected to be finalized by mid-2024. The Egyptian government has set a target of collecting EGP 70 billion ($2.27 billion) from the programme during the fiscal year 2023/2024, fulfilling its obligations under the $3 billion loan programme with the International Monetary Fund (IMF). |
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