Etisalat Misr postpones listing on Egyptian exchange
Egyptian mobile network operator and broadband provider Etisalat Misr has reportedly delayed a listing on the country’s stock exchange until market conditions improve, Reuters reports citing local daily al-Mal.
Etisalat Misr’s CEO Saleh al-Abdouli was quoted by the Egyptian newspaper as saying: ‘The significant impact (of the uprising) on the capital markets reduces the feasibility of the share listing, especially in light of the reduced liquidity circulating in the market.’ Prior to the political turmoil and popular uprising in the country
Etisalat Misr is understood to have approached a number of Egyptian and regional investment banks with a view to procuring financial and legal advisory services for a listing, with between a 15% and 25% stake in the operator expected to be made available. Abdouli has reportedly said that his company is continuing to examine the prospects for listing and is now looking for the right time to launch the process.