Cairo-Mubasher: Egypt’s administrative court has adjourned a lawsuit filed to validate the sale of 20% of landline monopoly Telecom Egypt (TE) until 21 June 2016.
Earlier, the court Cairo ordered a rehearing for the lawsuit on 10 May 2016.
In 2005, the fixed-phone operator floated 340 million shares, representing 20% of capital.
But the commissioner’s authority said that the subscription prospectus endorsed by the Egyptian Financial Supervisory Authority (EFSA) on 28 November 2005 may be invalid.
In the first quarter of 2016, the company earned EGP1.2 billion compared with EGP556.1 million for the year-ago quarter.
