Telecom Egypt, S.A.E. selected The Bank of New York to act as its depositary bank for its global depositary receipt (GDR) listing on the London Stock Exchange.
Each Telecom Egypt GDR represents five ordinary shares. The ordinary shares trade on the Cairo and Alexandria Stock Exchanges.
Telecom Egypt provides fixed-line services in the Middle East and is the only company in Egypt that is able to offer a full range of fixed-line and retail telecommunications services and is the sole provider of wholesale telecommunications services.
The Bank of New York is already a depositary for more than 1,200 American and global depositary receipt programs, a 64% market share, acting in partnership with companies from 60 countries.