We are delighted to announce that we have served as the legal counsel for Telecom Egypt S.A.E (TE) in the successful sale of 10% of Telecom Egypt's shares on the Secondary Market at EGX, with an approximate value of EGP 4 billion.
The offering, which is divided into two tranches, with 9.5% allocated to qualified investors and an additional 0.5% allocated to employees of the Company, garnered an impressive over-subscription rate of 3 times.
This transaction stands as a significant milestone in the government's IPO program. Furthermore, it is part of a series of strategic exit transactions implemented by the Egyptian government, serving as a clear testament to the confidence placed in the growth and progress of the Egyptian economy.
We would like to extend our appreciation to our Partners at Telecom Egypt.
Our team was led by Ahmed Abdelgawad, Partner and Co-Head of M&A and Capital Markets, and Ibrahim ElMessery, Senior Associate.
Zulficar & Partners Law Firm (Z&P) acted as the legal advisor to the Ministry of Finance (MOF), led by Anwar Zeidan, Founding Partner and Head of Capital Markets, Reem Abu Zahra, Senior Associate, Amr Meselhy, Associate, and Youmna Ahmed Hagar, Associate. In addition, NI Capital was the financial advisor to MOF, led by Ihab Swellem, President.
The transaction was led by a consortium consisting of Al Ahly Pharos and CI Capital. Both parties acted as the sell-side financial advisor to MOF, led by Ahmed Hydar, Managing Director of Ahly Pharos and Gamal Olama, Managing Director of CI Capital.
Congratulations to all the talented teams on successfully executing this groundbreaking deal.
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