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Telecom Egypt has no short-term plan to offer additional stake on EGX

Telecom Egypt has no short-term plan to offer additional stake on EGX

Cairo:  Telecom Egypt (ETEL) announced that it has no plan to offer an additional stake on the Egyptian Exchange (EGX) in the short term.

The company added in a filing to EGX that the major shareholder in the Egyptian telecom operator said that listing an additional stake is still being considered. It is currently working on several operating axes which will reflect the fair value of the share price.

According to the company, the current structure is based on five main business units, which are broadly divided into two sectors: the retail customer services business and the wholesale customer services business.

Telecom Egypt recorded profits of LE 2.133 billion during the first half of 2019, compared to LE 2.061 billion in the same half of 2018.

Telecom Egypt operates within the telecommunication services sector, focusing on integrated telecommunication services. It has subsidiaries operating across British Islands, Western Europe, Northern Africa and Middle East. Source: Egypt Today

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