The Egyptian government, represented by and acting through the Ministry of Communications and Information Technology, is offering up to 341,414,320 existing Telecom Egypt shares.
Details of the Offer are as follows:
• The Offer will consist of a public offering of shares in Egypt and a private placement of shares and GDRs to Egyptian and international institutional investors, including to Qualified Institutional Buyers in the United States under Rule 144A.
• The Offer represents up to 20% of the share capital of Telecom Egypt, including the over-allotment option of up to 12.5% of the size of the Offer, which will be made available if the over-allotment option is fully exercised, an offer to the public in Egypt of 45% of the size of the Offer, and a sale to the Company of shares representing 5% of the size of the Offer to be subsequently offered to the company’s employees.
• The minimum price for ordinary shares sold in the Offer is LE 13.3 per ordinary share.
•The offer will consist of shares and GDRs, with each GDR representing 5 ordinary shares.
• The offer price for shares and GDRs sold in the private placement is expected to be higher than for shares sold in the public offering in Egypt.
• Final pricing and allocation of the shares will be undertaken and announced on or around 7 December 2005. Trading of shares on the CASE and of GDRs on the London Stock Exchange will commence on or around 14 December 2005.
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