Eastern Company board agrees to list additional 4% on EGX under privatization program

IPO WATCH- Eastern Company board agrees to list additional 4% on EGX under privatization program: Eastern Tobacco’s board has agreed to offer for sale an additional 4% of the company on the EGX under the state’s privatization program, Public Enterprises Minister Khaled Badawy said yesterday, Reuters reports. The Chemical Industries Holding Company (CIHC) had said in March that it would sell no more than 4% of its stake in Eastern Company. The move would ensure the CIHC retains a 51% stake, with 49% of the cancer-maker in free float. Proceeds from the sale will be retained by CIHC to fund the restructuring of other companies in its portfolio. The timeline for the transaction remains unclear. Eastern is likely to be among the first of 23 state-owned companies that will IPO or sell additional shares on the EGX starting as early as this summer.