2023-05-27 14:38:50
Muhammad Farag:
Posted on: Saturday, May 27, 2023 – 5:38 PM | Last update: Saturday 27 May 2023 – 5:38 PM
• Qatar Investment Authority is close to buying..and sources: the government is counting on the deal to reach the target of selling $2 billion in assets before the end of June
EFG-Hermes assumes the role of financial advisor to finalize the deal to sell a stake in Telecom Egypt in Vodafone Egypt, according to two sources, one of whom is governmental and the other familiar with the deal.
Telecom Egypt, the largest telecom operator in the country, owns 45% of the shares of Vodafone Egypt, while the Egyptian government owns 70% of the shares of Telecom Egypt after selling an additional 10% of its shares, with a total value of 3.94 billion pounds, as part of the program. Government proposals.
The two sources, who spoke on condition of anonymity due to the sensitivity of the matter, stated that the Qatari Sovereign Fund is the closest Gulf institution to acquiring a stake that may reach 25% of Telecom Egypt’s shares in Vodafone Egypt, as the negotiations have reached advanced stages, and they are likely to announce the deal within the next three months. Maximum.
The source pointed out that the government attaches great importance to completing this deal as soon as possible, because it is one of the main factors for the success of the target of collecting $2 billion before the end of next June.
Qatari Finance Minister Ali al-Kuwari told Bloomberg TV, last Wednesday, that his country is committed to its pledge to Egypt to pump investments worth $5 billion, noting that this will be done without placing deposits in the Central Bank of Egypt.
While the EFG-Hermes did not respond to requests from “Money and Business – Al-Shorouk” to comment on the news, and it was not possible to obtain a comment from the Qatari sovereign apparatus until the newspaper’s publication.
It is noteworthy that Telecom Egypt recorded a net profit growth of 9% during the past year, recording about 9.2 billion pounds, compared to about 8.4 billion pounds in 2021, supported by the growth of distinguished operational performance.
While the total collected revenues amounted to 44.3 billion pounds, achieving a growth of 19% during the previous year, compared to about 37 billion pounds during 2021.
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