Egypt's Etisalat Misr Looking at Stock Market Listing
Published on: 5th Aug 2014
Note -- this news article is more than a year old.
Etisalat's Egyptian subsidiary, Etisalat Misr is reportedly in talks with investment banks to file for a stock market listing on the Cairo exchange.
Rumours of a possible stock market listing first emerged back in March, when the company confirmed that it was considering its options, but hadn't started talks with any banks.
It's expected that the company would raise around USD500 million from the listing, making it the largest the country has seen since 2009.
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.
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.