(MENAFN- Daily News Egypt) CI Capital Egypt announced today the successful conclusion of an EGP 3.75bn follow-on sale of 162,171,802 shares of Telecom Egypt, representing 9.5% of its issued share capital.
The secondary offering was priced at EGP 23.11 per share, at Thursday's 11 May closing market price, valuing Telecom Egypt at EGP 39.5bn.CI Capital acted as Joint Financial Advisor and Bookrunner.
“We are very proud to have led this important transaction, part of the Egyptian government's privatization program and further underscores that quality assets in attractive sectors like Telecom Egypt attract broad investor interest and appetite. The offering generated strong investor demand from international, regional, and domestic institutional and high-net-worth investors,” Stated Amr Helal, Chief Executive Officer (Sell-Side) of the Investment Bank at CI Capital.
“The offering generated strong investor demand from international, regional, domestic institutional, and high-net-worth investors. The fact that the deal was pried at market rather than a discount reflects the quality of Telecom Egypt as perceived by investors,” Added Karim Khadr, managing director and head of ECM at CI Capital.
“This is our third transaction from the Government privatization program following the Abu Qir Fertilizers follow-on sale and the IPO of e-finance. Since 2014 CI Capital has executed more than 52% of Egypt's equity capital markets transactions as Egypt's leading diversified financial services group,” Concluded Gamal Olama, Managing Director of Investment Banking at CI Capital.
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