Al Ahly Pharos announces the successful closure of the follow-on sale of 162.2mln shares in ETEL for a total consideration of EGP 3.7bln

Al Ahly Pharos announces the successful closure of the follow-on sale of 162.2mln shares in ETEL for a total consideration of EGP 3.7bln

Cairo – Al Ahly Pharos Investment Banking (“Al Ahly Pharos”), announces the successful closure of the follow-on sale of 162.2 Mn Shares in Telecom Egypt Company (“ETEL”) for a total consideration of EGP 3.7 Bn.

Incorporated in 1999, ETEL is Egypt’s leading telecom services provider, and owns a 45% stake in Vodafone Egypt. Capitalizing upon its unparalleled nation-wide reach and ETEL’s recent aggressive rebranding phase, as well as the launch of its mobile phone services under its brand name “WE”, ETEL has been able to achieve stellar financial performance and growth, with total revenue and net income reaching EGP 44.3 Bn and EGP 9.2 Bn in 2022, respectively.

Al Ahly Pharos acted as the joint global coordinator and bookrunner on behalf of ETEL’s largest shareholder, the Ministry of Finance, which, prior to the execution of the Transaction, held an 80% stake in ETEL. Zulficar & Partners Law Firm was the sell-side legal advisor led by the founding partner and head of the capital markets department Mr. Anwar Zeidan.

The sale was executed on 162,171,802 shares of ETEL, representing 9.5% of the total shares, for a total consideration of EGP 3.7 Bn, where Al Ahly Pharos has successfully attracted a diverse range of foreign