Court to announce verdict on Telecom Egypt IPO annulment case in December
A court will announce the verdict on the Telecom Egypt (TE) [ETEL.CA] IPO annulment case on 6 December 2016, according to a company disclosure. The State Council’s Commissioners’ Body (SCB) had recommended invalidating the IPO that had taken place in 2005 for 20% of the company’s shares. (Company disclosure) Telecom Egypt: EGP8.51 as of 12 October 2016, Rating: Neutral, FV: EGP10.25 per share, MCap: USD1,636mn, ETEL EY / ETEL.CA
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