Egypt postpones Eastern Tobacco share offering

Reuters , Saturday 20 Oct 2018

Eastern Company
File Photo: A view of the Eastern Company SAE, which is engaged in manufacturing tobacco products, in Cairo, Egypt September 27, 2018. (Photo: Reuters)

Egypt is to postpone the offering of a 4.5 percent stake in state-owned Eastern Tobacco company <EAST.CA> due to global market volatility, the ministry of finance said in a statement on Friday.

The ministry said that a cabinet committee responsible for managing IPOs had also made the decision because of the trade war between America and China and headwinds in emerging markets.

In May, Egypt's state-owned Holding Company for Chemical Industries said it had agreed to sell part of its stake in Eastern Tobacco on the Cairo exchange.


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