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NEW YORK-A 30-percent stake in Egyptian Mobile Telephone Co., the federally run wireless carrier, is expected to be offered later this month in an initial public stock offering.
The offering of 18 million shares at $2.90 each is part of the Egyptian government’s privatization and economic reform program, which the International Monetary Fund and the World Bank are supporting.
The National Telecommunications Organization, known as ARENTO, will retain a 30-percent stake in Egyptian Mobile, which has a market capitalization of about $177 million.
Last year, France-based Alcatel Telecom installed the first phase of a Global System for Mobile communications network for ARENTO, and expansion plans are under way.
