Zulficar & Partners Law Firm is pleased to announce that it has acted as the legal advisor to the Ministry of Finance | Egypt with respect to the offering of 10% of Telecom Egypt’s shares (the “Company”) in the secondary market. The offering is divided into two tranches, (1) 9.5% allocated to qualified investors, and (2) 0.5% allocated to employees of the Company. The offering to the qualified investors was made by way of accelerated book building and successfully closed at the price of EGP 23.11 per share, for a total of approximately EGP 3.75 billion. As per the announcement of the Ministry of Finance, the offering was more than triple oversubscribed.
The offering is part of a comprehensive government program aiming at selling some of its stakes in several public sector companies. The Financial Regulatory Authority FRA (“FRA”) approved the Information Memorandum prepared for the private placement on May 11, 2023. The tranche allocated to qualified investors was executed on May 14. The employees’ portion of the offering will be executed at the same price in the coming days.
The Z&P team is headed by Anwar Zeidan, Founding Partner and Head of Capital Markets Group and includes Reem Abu Zahra, Senior Associate, Amr Meselhy, Associate, and Youmna Ahmed Hagar Associate. The transaction has been supported by by Dr. Mona Zulficar, the Founding Partner and Chair of Executive Committee of Z&P.
