Cairo-Mubasher: A Cairo administrative court has adjourned a lawsuit filed to nullify the sale of 20% of landline monopoly Telecom Egypt (TE) until 6 December 2016.
In 2005, the fixed-phone operator floated 340 million shares, representing 20% of capital.
The commissioner’s authority earlier said that the subscription prospectus endorsed by the Egyptian Financial Supervisory Authority (EFSA) on 28 November 2005 may be invalid.
TE operates with EGP 17.1 billion in capital, divided into 1.71 billion shares at a par value of EGP 10 each.
