CAIRO, March 17 The Egyptian arm of Abu
Dhabi-based mobile operator Etisalat is considering
listing its shares but has not decided on which bourse to do so
or who will organise the initial public offering (IPO) for the
firm, it said on Monday.
Egypt's financial regulator changed its rules earlier this
year to boost trading and attract investment on the country's
bourse, making it easier for companies wishing to list on the
The last major IPO on the Egyptian exchange was in 2010.
Since then, Egypt's capital markets have been hit by the
political turmoil that has gripped the country since the
uprising that swept autocratic leader Hosni Mubarak from power
in early 2011.
Islamist President Mohamed Mursi was overthrown by the army
in July last year following mass protests. The military-backed
interim government is due to be succeeded by an elected
parliament and president within months. Army chief Field Marshal
Abdel Fattah al-Sisi is widely expected to announce his
candidacy for the presidency and win.
Egypt's main stock index bounced back to a
five-and-a-half year high last month.
"Etisalat (Misr) is studying the best option for floating
its shares on the bourse and the appropriate market for them,
either on the Egyptian bourse or outside it," the Egyptian
company said in an emailed statement.
"It is expected that the study will end soon, especially
after the positive indicators that the Egyptian bourse has
The company said previous preparations for an IPO had been
put on hold because of the political climate, but that the
recent surge in stocks due to optimism that Egypt's economy is
recovering had prompted it to resume the plans.
Etisalat Misr competes in Egypt's mobile market with
Vodafone Egypt and Mobinil, which is controlled by
France Telecom. Etisalat owns a 66 percent stake in
Etisalat, the United Arab Emirates' biggest telecoms
operator by revenue and subscribers, missed analysts' forecasts
with a 70 percent rise in fourth-quarter net profit this month
after it took impairments on Nigerian and Indonesian operations.
(Reporting by Shadia Nasralla; Additional reporting by Matt
Smith in Dubai; Editing by Pravin Char)