Etisalat confirms it is mulling IPO for Egyptian subsidiary

7 Aug 2014

United Arab Emirates-based telecoms group Etisalat is said to be considering listing its Egyptian unit, Etisalat Misr, on the local stock exchange, Reuters reports, though a final decision regarding such plans has yet to be made. A statement made to the Abu Dhabi bourse by the parent company has now confirmed that options are being examined for an Egyptian listing, but noted: ‘No decision has been taken yet regarding the initial public offering (IPO) as the subject is still under review by Etisalat Misr’s board and it is subject to approval by the company’s shareholders including Etisalat.’

Rumours emerged regarding a possible listing earlier this week, with Bloomberg citing unnamed sources as saying that a planned share sale could be worth as much USD500 million.

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