Egypt’s mobile telco Etisalat Misr is negotiating with major investments banks in the country to file for stock market listing on the Egyptian Exchange (EGX).
According to Cellular News, the company may raise some US$500 million from the listing, becoming the largest witnessed in the country since the 2009 Global Financial Crisis.
The stock market regulator in the country recently relaxed entry regulations to inspire more firms to list as a response to the country’s slow economic growth due to the political upheavals witnessed in the country over the past few years.
UAE’s Etisalat is the major stakeholder at Etisalat Misr, owning 66 percent shared, followed by the National Post Office with 20 percent shared. DIFC and Das Holdings own 5 percent each, while the rest are held by small Egyptian financial investors.
Reports of a likely stock market surfaced earlier this year in March when Etisalat indicated that it was weighing its options, although it was yet to start talks with any banks.
Already, there are indications that the company may see just 15 percent of its shares listed on the Cairo security market to ensure that Etisalat retains the control, unless the other shareholders opt to sell their stakes as well, reports Cellular News.