Egypt IPOs Set for Revival as Etisalat Is Said to Consider Sale - Bloomberg

Egypt IPOs Set for Revival as Etisalat Is Said to Consider Sale - Bloomberg:



"Etisalat Misr, the Egyptian unit of Emirates Telecommunications Corp. (ETISALAT), is poised to revive initial public offerings in the country with a planned $500 million sale.



The company asked banks for proposals to manage an IPO that may be the largest on the Egyptian bourse in almost five years, according to three people familiar with the situation. A successful sale would make Etisalat the only mobile operator listed on the exchange, fueling investor confidence in a market whose benchmark EGX 30 Index rose about 30 percent this year, according to Mona El Shazly, a Cairo-based senior research analyst at Pharos Holding for Financial Investments. 




“It would be a trigger for all postponed projects if they see a good market reaction” to Etisalat Misr, El Shazly said by phone yesterday. “This IPO has been delayed since before the revolution in 2011. For them to consider it again is very positive for the market.”"



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