Last Update 0:25
Wednesday, 13 November 2019

Egypt’s Eastern Co shares up to 5 percent at opening on Egypt stock exchange

Reuters , Ahram Online , Sunday 3 Mar 2019
Share/Bookmark
Views: 3764
Share/Bookmark
Views: 3764

Egypt’s top cigarette maker Eastern Company SAE shares were up 5 percent at opening on Egypt stock exchange after share offer to reach 17.50 Egyptian pounds($1.00) per share.

The company sold 95 percent of the shares on offer in the private sale and will sell the remainder at a public offer that begins on Sunday.

The Egyptian government had been planning to launch a programme of sales in state companies last October by selling 4.5 percent of Eastern Company.

The total amount of the IPO will not exceed 1.635 billion pounds.

Sunday’s trading comes nearly a week after the cigarette making monopoly said it will be offering 4.5 percent of the shares of Eastern Tobacco to the stock market, with 95 percent in a private offering, and 5 percent for public offering.

This comes under a 2018 state launched programme to sell stakes in state-owned companies under strengthening the Egyptian capital market and attracting more liquidity to the Egyptian stock exchange.

Under the programme, dozens state-owned companies will offer shares over the next three to five years in sectors such as oil, services, chemicals, shipping, marine services and real estate, to help support the state's public finances.

The programme will also see shares offered in Alexandria Container and Cargo Handling Company, Abu Qir Fertilizers and Chemicals Industries Company, and Heliopolis Company For Housing and Development.

The last public offering of state-owned companies was in 2005 when shares of Telecom Egypt, AMOC and Sidi Kerir Petrochemicals Company were sold.
 

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.