20 percent of Egypt's telecom company for sale

The Egyptian government will raise 20% of the Egyptian communication company shares for sale in September, and with grant the company a third license for a Mobile Phone network for the year 2002.

Sources in the Egyptian cabinet told ArabicNews.com that there is a valuation for the company worth that varies between 24 to 25 billion L.E and therefore it is expected that the general treasury would gain 5 billion L.E by this 20 percent share sale.

The sources referred that a part of the Penzin, Gasoline and Mazot distribution company will be put for sale in the coming fall - expecting that this part would be between 10% - 20% in framework of the Egyptian government's plan for sell shares of petroleum companies.