CAIRO: Etisalat Egypt, is consulting with investment banks to offer part of its shares on the Egyptian Stock Exchange (EGX) in the forthcoming period, Bloomberg Egypt reported Sunday.
Etisalat Egypt has asked investment banks to present proposals for running and managing its initial public offering (IPO), a source told Bloomberg, expecting that the IPO may reach up to $500 million.
Saeed Hilal, Al-Hilal Al-Saudi Company for Financial Securities executive manager told The Cairo Post late Sunday that the Etisalat Egypt’s IPO will be a promised offering, since EGX does not have any telecommunication companies other than state-owned Telecom Egypt.
Hilal said Etisalat Egypt’s share was registered at the EGX Sunday Aug. 3 as a preparation for its IPO, he said, expecting that the subscription offers will cover Etisalat Egypt’s IPO more than ten times over.
June 2014 has witnessed two IPOs , one for Sabaa International Company for Pharmaceutical and Chemical Industry, and the other for Arabian Cement Company in which the subscription requests covered the offered shares more than 18.5 times.