Egypt’s Finance Ministry, on Sunday, announced the sale of a 9.5-per cent stake in state-owned ‘Telecom Egypt’ at its stock exchange market.
The ministry said in a statement that it sold 162,171,802 shares of Telecom Egypt, representing 9.5 per cent of the company’s capital
It sold the stake at 3.75 billion Egyptian pounds (about $121 million).
The sale comes amid Egypt’s privatisation of national assets.
Foreign lenders, particularly the International Monetary Fund (IMF) have propped Egypt to privatise public assets.
Read Related News:
Egypt, Greece to build subsea telecom cable in Mediterranean
Biden, Egypt’s Sisi discuss regional, int’l issues
38 injured as Cairo-bound bus overturns
The IMF approved, in December, a loan of about $3 billion over 46 months to support Egypt’s economic reform programme.
This is with the hope that it would pave the way for “sustainable, inclusive and private-sector-led growth”.
The IMF had asked the Egyptian government to make a permanent shift to “a flexible exchange rate regime”.
It also wanted the country to reduce “the state footprint” in the economy as part of the reforms. (Xinhua)
Do you have a flair for Citizenship Journalism? Share story(ies) of happenings in your area with The NewsZenith on WhatsApp: 08033668669 or email@example.com