Telecom Egypt (TE), the state-owned fixed line monopoly service provider, has launched the largest ever share offer brought to the Cairo and Alexandria stock markets. The sale of 20 per cent of TE at a value of at least Egyptian –£4.5 billion will also be one of the largest divestments by the state since a more free market-oriented cabinet relaunched a stalled privatisation programme in 2004. The IPO, which will be divided into two tranches –­ half for small investors and half for institutions –­ has led to a flurry of activity on the Egyptian market as retail investors have shed other stocks in anticipation of TE shares rising steadily. Some of the shares will be listed in London as global depository receipts.