The volume of requests received in the first tranche reached more than 504 million shares, which is around 3.11 times more than the total shares offered.
As early as this week, the company will begin a book-building process for institutional investors, with shares expected to be listed on the Egyptian stock exchange
The 2Africa subsea 45,000 km cable system is designed to deliver seamless international connectivity solutions and boost internet connectivity
The Egyptian company explained that the main shareholder's thinking of offering part of Telecom Egypt came within the framework of what was included in the state ownership policy document on maximizing government resources through the assets owned by it.
The government owns 80 percent of Telecom Egypt's shares, and 20 percent is traded on the Egyptian Stock Exchange (EGX).
Telecom Egypt is working to connect 90 percent of Egyptian hospitals to provide treatment, medical and diagnosis services remotely.
The agreement was by Managing Director and Chief Executive Officer at Telecom Egypt, Adel Hamed, with chairman & CEO of Independent Power Transmission Operator (IPTO), Manousos Manousakis.
The eSIM service allows customers to keep the line without the need to put the traditional chip in mobile devices.
This agreement comes within the framework of Telecom Egypt's vision and expansion strategy to enhance its international infrastructure, expand its networks and multiply access points within the Mediterranean.
Managing Director and CEO of Telecom Egypt Adel Hamed, and Chairman and CEO of the Independent Power Transmission Operator (IPTO) Manos Manousakis signed the MoU in the presence of the two ministers.
The commitment of Vodacom to the deed of adherence of the shareholders’ agreement as was reported to us by Vodafone Egypt confirms Vodafone Groups’ commitment to the strategic partnership with Telecom Egypt and the Egyptian market.
First Abu Dhabi Bank PJSC (“FAB”) and Mashreq Bank PSC (“Mashreq”) were mandated as Joint Coordinators, Underwriters, Bookrunners, and Initial Mandated Lead Arrangers of the facility, similar to the medium-term syndicated loan obtained in October 2018.
The company has appointed First Abu Dhabi Bank and Mashreq Bank to arrange the planned loan, which is expected to have a six-year term.
Egypt’s ICT sector will also be the focus of a Covid Recovery Roadmap (CRR) report by OBG, including a case study on Telecom Egypt’s experience.
The MoU aims to achieve optimal utilization of the terrestrial network that connects the two countries and develop it with the latest technologies to support the transportation of international traffic.
The company added that its consolidated revenue reached LE 31.9 billion during 2020, with an annual increase of 24 percent.
This cooperation comes within the framework of Telecom Egypt’s strategy to achieve growth by developing and modernizing the infrastructure to provide computing services, infrastructure services and software services.
Under the agreement, Google will obtain international capacities for Europe through the TE North submarine cable system owned by Telecom Egypt.
The agreement was signed during a video conference by Telecom Egypt Managing Director and CEO Adel Hamed and President of Ericsson in the Middle East and Africa region Fadi Pharaon.
The center is expected to be commissioned by the beginning of 2021, with access to all the global submarine cable systems that land in Egypt.