Reuters reported from three informed sources that the Egyptian government has decided to suspend the sale of a stake in "Telecom Egypt," in which the state holds the majority share. Telecom Egypt announced on March 7 that the government began considering the sale of an additional stake in the company. Sources previously informed Reuters that the government was looking to sell a 10% stake in the company. The government currently owns 80% of Telecom Egypt's shares.
The Egyptian government had announced ambitious plans to sell stakes in public institutions and enhance public sector investments amid severe economic pressures and a shortage of foreign currency.
Earlier this month, shares of Telecom Egypt experienced a sharp decline from a high of 27.8 Egyptian pounds reached following the announcement of the planned sale. The stock jumped 4.55% on Tuesday to close at 22.99 Egyptian pounds, according to Icon data.
