The Egyptian government has reportedly suspended plans to sell a stake in state-owned operator Telecom Egypt due to market conditions, reported Reuters.
It was reported earlier this month the government began mulling a sale, with sources telling Reuters 10% was on offer for interested parties. But interest in the shares was apparently low. The government currently holds 80% of the shares in Telecom Egypt.
The share sale would have net government coffers around EGP4.5 billion ($147 million), as we had previously reported.
Telecom Egypt recently made moves to bolster operations. It signed an agreement with IBM to upgrade its OSS systems and acquired US$125 million worth of spectrum.