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The Egyptian government, represented by and acting through the Ministry of Communications and Information Technology, is offering up to 341,414,320 existing Telecom Egypt shares.
Details of the Offer are as follows:
• The Offer will consist of a public offering of shares in Egypt and a private placement of shares and GDRs to Egyptian and international institutional investors, including to Qualified Institutional Buyers in the United States under Rule 144A.
• The Offer represents up to 20% of the share capital of Telecom Egypt, including the over-allotment option of up to 12.5% of the size of the Offer, which will be made available if the over-allotment option is fully exercised, an offer to the public in Egypt of 45% of the size of the Offer, and a sale to the Company of shares representing 5% of the size of the Offer to be subsequently offered to the company's employees.
• The minimum price for ordinary shares sold in the Offer is LE 13.3 per ordinary share.
•The offer will consist of shares and GDRs, with each GDR representing 5 ordinary shares.
• The offer price for shares and GDRs sold in the private placement is expected to be higher than for shares sold in the public offering in Egypt.
• Final pricing and allocation of the shares will be undertaken and announced on or around 7 December 2005. Trading of shares on the CASE and of GDRs on the London Stock Exchange will commence on or around 14 December 2005.
Telecom Egypt launches share offer
Telecom Egypt, the leading provider of telecommunications services in the Arab Republic of Egypt, today announced the launch of its Initial Public Offering of shares, currently listed on the Cairo and Alexandria Stock Exchange (CASE), and of Global Depositary Receipts (GDRs) to be listed on the London Stock Exchange (The Offer).
- Egypt: Tuesday, November 29 - 2005 at 12:48
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Log in to request more information from Telecom EgyptNotes and media contacts
For further information please contact:Telecom Egypt
Tarek Tantawy, General Manager,
IR +20 2 578 8826
Eman Anis, Assistant Manager,
IR +20 2 578 8787
Capital MS&L (international media enquiries)
Neil Doyle, Annabel Forbes +44 20 7307 5330
Editor (Egyptian media enquiries)
Dina Helal +20 2 344 7020 or +20 10 666 6989
Company Overview and Strategy
• Telecom Egypt is the only fixed-line service operator in Egypt, with 10.3 million fixed-line subscribers as of 30 September 2005, making it the largest provider of fixed-line services in the Arab World.
• The Company owns and operates the only fixed line national telecommunications network in Egypt including a backbone transmission network consisting of over 22,000 kilometres of optical fibre cables.
• The Company offers a range of retail telecommunications services including voice telephony, internet and data services, and other services. It also provides wholesale services including interconnection to its national fixed-line backbone network and incoming and outgoing international gateway access.
• Telecom Egypt participates in the mobile market in Egypt through its 25.5% interest in Vodafone Egypt, one of the two mobile operators in the country.
• The Company, through its 93.3% interest in TE Data, participates in the Egyptian market for internet and data services.
• The Company holds a 50% interest in Consortium Algerien De Telecommunications ('CAT'). The company won the license to become the second fixed line operator in Algeria.
• The Company's shares have been listed, but have not been traded, on CASE since 1999. The State has held the entire outstanding share capital of the Company continuously since listing.
Full Year 2004 Financial Results (IFRS)
• Telecom Egypt reported revenues for the year ended 31 December 2004 of L.E. 7.8 billion, an increase of 8.0% compared to the year ended 31 December 2003.
• Net profit before tax reached L.E. 1.6 billion, an increase of 195.5% in 2004 compared to 2003.
Posted by Lara Lynn Golden, News EditorTuesday, November 29 - 2005 at 12:48 UAE local time (GMT+4)
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This Article was updated on Wednesday, July 05 - 2006
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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