Etisalat Mulling Egyptian Stock Market Listing
Published on: 18th Mar 2014
Note -- this news article is more than a year old.
By: Ian Mansfield
Etisalat's Egyptian subsidiary is looking at a stock market listing although the location and timing of the IPO have not been decided upon yet.
The Egyptian stock market regulator recently relaxed the regulations to encourage more companies to list in the country. The move follows economic turmoil in the country following political disturbances over the past year.
"Etisalat (Misr) is studying the best option for floating its shares on the bourse and the appropriate market for them, either on the Egyptian bourse or outside it," the company said in a statement sent to the Reuters news agency.
"It is expected that the study will end soon, especially after the positive indicators that the Egyptian bourse has witnessed lately." the statement added.
UAE based Etisalat owns a 66 percent stake in Etisalat Misr. The rest of the company is owned by the the National Post Office (20%), Das Holdings (5%) DIFC (5%) and the rest split between three small financial investors.
It is presumed that the company would see just 15% of its shares listed on the Cairo bourse in order to ensure Etisalat retains control, unless the other shareholders opt to sell their stakes as well.