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RIYADH: Egypt’s authorities has offered a 9.5 p.c stake in state-controlled Telecom Egypt for 3.75 billion Egyptian kilos ($121.6 million), the finance ministry has revealed, respiratory life right into a privatization program that had seemingly stalled.
Egypt desperately wants proceeds from these offers to satisfy a collection of international debt obligations over the approaching few months.
Telecom Egypt’s is the second sale of state belongings since Prime Minister Mostafa Madbouly promised on April 29 to promote belongings price $2 billion by the tip of June.
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Egypt sells $121.6m stake in state-controlled Telecom Egypt
