The Egyptian finance ministry has announced the selling of a 9.5 percent stake in state-controlled Telecom Egypt for 3.75 billion Egyptian pounds ($122.4m) in a move aimed at pushing forward the government’s privatisation programme.

The ministry said on Sunday that 162.2 million shares were sold at 23.11 Egyptian pounds ($0.75) each in a subscription that was 3.11 times oversubscribed. Another 0.5 percent of the shares are now being offered to Telecom Egypt employees until May 25.

The two-part sale will reduce the government’s stake in Telecom Egypt to 70 percent from the previous 80 percent, with the other 20 percent floating on the Egyptian Exchange. Two local investment banks, CI Capital and Ahly Pharos, were managing the sale, according to market sources.

The ministry statement did not say what portion of the shares were sold to local buyers as opposed to non-Egyptians. Egypt has been looking to raise foreign currency through its asset sales.