Cairo – Mubasher: The Egyptian Exchange (EGX) announced that Telecom Egypt witnessed a stake sale transaction for a total value of EGP 3.74 billion on 14 May.
The deal included the selling of 162.17 million shares, EGX said, noting that the transaction was executed in the Secondary Market.
Telecom Egypt’s equity sale deal followed an announcement by the Financial Regulatory Authority (FRA) earlier on 14 May that allowed selling up to 170.70 million shares, which would represent up to 10% of the company’s share capital.
It is worth noting that the FRA’s approval came in light of the telecom firm’s board meeting on 11 May.
In 2022, Telecom Egypt recorded consolidated net profits after tax worth EGP 9.18 billion, including non-controlling equity, while the standalone net profits stood at EGP 7.34 billion.
Earlier this year, the board members of the company decided to raise the 2022 cash dividends to EGP 1.25 per share instead of EGP 0.75 per share.
