(MENAFN) A number of experts said that Etisalat Misr, the Egyptian phone company controlled by Emirates Telecommunications Corp., is negotiating with major banks about what the country's largest initial public offering is expected to be in five years, according to the Daily Star.
Etisalat Misr, 66 percent owned by the Abu Dhabi company known as Etisalat, has asked banks for proposals to manage the share sale.
The IPO is planned for Cairo and is expected to raise about USD500 million. A spokesman for Etisalat Misr declined to comment when contacted by phone.
Egyptian companies are reviving share sales as they seek to benefit from a 30 percent gain in the country's benchmark EGX30 Index this year.
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