On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Telecom Egypt’s chairman, Eng. Okeil Bisheer, said that the offering of Telecom Egypt shares in the capital market would not take place before September 2004, at which time the company’s LE2 billion bond issue is expected to have been fully subscribed to. Bisheer added that a further factor in the delay of Telecom Egypt’s IPO was the notable deterioration in telecom stock prices during 2001, however the company is currently revisting the offering idea following the recently witnessed recovery in the telecom sector.