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title: Egypt offloads 9.5% stake in Telecom Egypt - Developing Telecoms
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 [Operators](https://developingtelecoms.com/telecom-business/operator-news.html)## Egypt offloads 9.5% stake in Telecom Egypt

 

 

   Details    James Barton    Category: [Operators](https://developingtelecoms.com/telecom-business/operator-news.html)     15 May 2023     8268 views   

 

  ![Egypt offloads 9.5% stake in Telecom Egypt](https://developingtelecoms.com/images/stories/Places/800x600/Cairo_Tower_view_600.jpg)  

 

The Egyptian government has sold a 9.5% holding in fixed-line provider Telecom Egypt for EGP3.747 billion (US$121 million).

Following the announcement, the Ministry of Finance (MoF) confirmed that the government retains a 70.5% stake in Telecom Egypt, although it has opened talks over the sale of a further 0.5% stake to TE employees. CommsUpdate reports that these discussions will run until 25th May.

Regional news outlet Zawya reported that the lion’s share of the 9.5% stake was bought up by domestic investors, although it noted that overseas investors obtained a small amount of the available shares.

The MoF noted in a statement that the stake sale was part of a broader push by the government to diversify the ownership structure of state-owned enterprises so as to increase “the contributions of the private sector in economic activity.”

 

 

   
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