IPO WATCH- Eastern Co stake sale could proceed at low end of target range: The government is considering going ahead with the sale of a 4.5% stake in publicly traded Eastern Company when its share price hits EGP 16.83, Public Enterprises Minister Hisham Tawfik reportedly told Al Mal. A ministerial decree had previously set a target price of EGP 18.70 +/-10%, Tawfik added. The company’s share price stood at EGP 16.24 at the close of yesterday’s session. Cigarette-maker Eastern Company is piloting the first phase of the state privatization program, which was delayed last year amid a broader sell-off of emerging market assets.

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