According to reports, the Egyptian Government has requested that mobile operator, Etisalat, begins the process of becoming listed on the national exchange.
ICT minister, Atef Helmy, stated that: “Etisalat is planning a USD 500 million listing that would potentially revive the country’s initial public offerings,” this is according to Gulf News. If the listing is successful, it would potentially make the mobile operator the first company listed on the Egyptian Exchange.
According to Helmy, “This is very important because it would definitely be a sign of stability in Egypt.” Etisalat Group CEO Ahmad Abdul Karim Julfar told UAE trade magazine CommsMEA last month that the group was yet to decide if it would list the Egyptian unit. Etisalat is a 66 percent shareholder in Etisalat Misr. The Egyptian National Post Authority, which is overseen by the Ministry of Communications and Information Technology, is a 20 percent shareholder.