{"id":601480,"date":"2019-03-03T04:24:14","date_gmt":"2019-03-03T04:24:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/03\/in-surprise-move-govt-kickstarts-ipo-program-with-a-successful-eastern-tobacco-secondary-offering\/"},"modified":"2019-03-03T04:24:14","modified_gmt":"2019-03-03T04:24:14","slug":"in-surprise-move-govt-kickstarts-ipo-program-with-a-successful-eastern-tobacco-secondary-offering","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/03\/in-surprise-move-govt-kickstarts-ipo-program-with-a-successful-eastern-tobacco-secondary-offering\/","title":{"rendered":"In surprise move, gov\u2019t kickstarts IPO program with a successful Eastern Tobacco secondary offering"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><b> State privatization program finally underway with an oversubscribed Eastern Tobacco offering:<\/b> The private placement portion of Eastern Tobacco\u2019s secondary offering of a 4.5% stake (equivalent to 101,250,000 shares) was 1.8x oversubscribed, with shares offered at EGP 17 apiece, the <a href=\"https:\/\/ent.news\/2019\/3\/1197.pdf\">Public Enterprises Ministry said in a statement (pdf)<\/a>. The share price is at a 3% premium to the stock price at close on Thursday, the ministry said. Minister Hisham Tawfik had <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/18\/egypts-eastern-co-stake-sale-could-proceed-at-low-end-of-target-range\/\">said last month<\/a> that the government was considering going ahead with the sale of the company when its share price hits EGP 16.83.<\/p>\n<p><b>Strong appetite so far:<\/b> Foreign investors<a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/3\/1\/1523661\/%D8%AA%D9%88%D9%81%D9%8A%D9%82-%D9%8A%D9%83%D8%B4%D9%81-%D9%84%D9%85%D8%B5%D8%B1%D8%A7%D9%88%D9%8A-%D9%86%D8%B3%D8%A8%D8%A9-%D9%85%D8%B3%D8%A7%D9%87%D9%85%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D9%8A%D9%86-%D9%81%D9%8A-%D8%A7%D9%84%D8%B7%D8%B1%D8%AD-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5-%D9%84%D9%84%D8%B4%D8%B1%D9%82%D9%8A%D8%A9-%D9%84%D9%84%D8%AF%D8%AE%D8%A7%D9%86#sectionListing\">bought 94% of the shares<\/a> offered in the private placement and the stake sale <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/3\/1\/1523813\/-%D8%AA%D9%88%D9%81%D9%8A%D9%82-%D9%84%D9%85%D8%B5%D8%B1%D8%A7%D9%88%D9%8A-1-8-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87-%D8%AD%D8%B5%D9%8A%D9%84%D8%A9-%D9%85%D8%AA%D9%88%D9%82%D8%B9%D8%A9-%D9%85%D9%86-%D8%B7%D8%B1%D8%AD-%D8%A7%D9%84%D8%B4%D8%B1%D9%82%D9%8A%D8%A9-%D9%84%D9%84%D8%AF%D8%AE%D8%A7%D9%86#sectionListing\">is expected to raise EGP 1.8 bn<\/a>, Tawfik told Masrawy. The Holding Company for Chemical Industries<a href=\"http:\/\/cihc-eg.com\/index.php\/user\/article\/223\">announced on Thursday<\/a> it would offer 95% of the shares up for grabs in a private placement and the rest in the public offering that begins today and ends on Tuesday. <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL5N20O1XC\">Reuters<\/a> also had the story.<\/p>\n<p><b>The sale is the only the beginning of the ambitious state privatization program<\/b> which had<a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/19\/govt-unveils-the-lineup-for-the-state-ipo-program\/\">an initial line up of 23 companies<\/a>that are either listed already and will offer more shares for sale or brand new stocks coming to the market. <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/17\/govt-considers-jumpstarting-privatization-program-in-march\/\">The list of companies was later revised<\/a> and 10 more companies were added and some were put aside. The first phase of the program, which focuses on stake sales by already-listed companies was delayed last year as the emerging markets sell-off bit the EGX. Tawfik said the government is planning for 4-5 companies to go public in the second phase of its share-sale program during 4Q2019, the <a href=\"https:\/\/alborsaanews.com\/2019\/03\/02\/1182834\">domestic press reported<\/a>. The program is expected to raise EGP 80 bn.<\/p>\n<p><b>So what is coming next?<\/b> The next stop for the privatization train is the sale of an additional 30% stake in Alexandria Containers & Cargo Handling, <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/3\/1\/1523737\/%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D8%A9-%D8%AA%D8%B7%D9%84%D9%82-%D8%A8%D8%B1%D9%86%D8%A7%D9%85%D8%AC-%D8%A7%D9%84%D8%B7%D8%B1%D9%88%D8%AD%D8%A7%D8%AA-%D8%A8%D8%B9%D8%AF-%D8%B9%D8%A7%D9%85-%D9%85%D9%86-%D8%A5%D8%B9%D9%84%D8%A7%D9%86%D9%87-%D9%85%D8%A7%D8%B0%D8%A7-%D8%A8%D8%B9%D8%AF-%D8%A7%D9%84%D8%B4%D8%B1%D9%82%D9%8A%D8%A9#sectionListing\">Tawfik told Masrawy<\/a>, without giving details on timing. That leaves Heliopolis Housing and Abou Kir Fertilizers from the first phase, while Alexandria Mineral Oils <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/11\/government-expects-to-announce-list-of-ipo-companies-within-two-weeks\/\">was sidelined<\/a> because of its falling profitability.<\/p>\n<p><b>Is BdC\u2019s IPO going to materialize soon?<\/b> The government committee tasked with managing the state privatization has also apparently given Banque du Caire the greenlight to proceed with its IPO plans, sources close to the matter told <a href=\"https:\/\/www.alborsaanews.com\/2019\/02\/28\/1182214\">the domestic press<\/a>. The bank is currently reviewing its financial statements alongside other commitments to finalize logistics needed for the share-sale to take place in 2019, the sources said.<\/p>\n<p><b>REGULATION WATCH- FRA pushes by six months a grace period for yet-to-be-traded shares:<\/b> This comes as the Financial Regulatory Authority extended to 30 September a grace period for companies that have listed on the EGX but have yet to IPO, <a href=\"http:\/\/www.fra.gov.eg\/content\/efsa_ar\/decisions\/dec322019.htm\">according to an executive decision (pdf)<\/a>. The extension from the previous deadline set for 31 March will apply to listings made before the <a href=\"http:\/\/www.fra.gov.eg\/content\/efsa_ar\/decisions\/dec112014.htm\">most recent amendments<\/a>. The amendments have made it mandatory for companies which have begun the <a href=\"https:\/\/www.youm7.com\/story\/2017\/2\/8\/%D9%83%D9%8A%D9%81-%D9%8A%D8%AA%D9%85-%D9%82%D9%8A%D8%AF-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A8%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-10-%D8%AE%D8%B7%D9%88%D8%A7%D8%AA-%D9%8A%D8%AC%D8%A8-%D8%A3%D9%86\/3093368\">process to go public<\/a> to debut shares no later than one month after listing, but allowed already listed companies whose shares are yet to be traded to request an extension to no later than 31 March. Banque du Caire has been listed on the EGX since 2017, but has yet to IPO.<\/p>\n<p><b>New regs for setting fair value:<\/b> Prime Minister Moustafa Madbouly also issued a decision on Saturday stipulating that the fair share value of a holding company that is either not listed or \u201cnot active\u201d and is looking at an IPO be determined based on its close price during the month prior to announcing the appointment of the investment bank that would manage the bookrunning, <a href=\"http:\/\/www.almalnews.com\/Story\/412550\/11\/%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D8%B6%D9%88%D8%A7%D8%A8%D8%B7-%D8%B7%D8%B1%D8%AD-%D8%A3%D8%B3%D9%87%D9%85-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9\">Al Mal reported<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>State privatization program finally underway with an oversubscribed Eastern Tobacco offering: The private placement portion of Eastern Tobacco\u2019s secondary offering of a 4.5% stake (equivalent to 101,250,000 shares) was 1.8x oversubscribed, with shares offered at EGP 17 apiece, the Public Enterprises Ministry said in a statement (pdf). The share price is at a 3% premium [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":601481,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[247,72,2380,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-601480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-eastern-company","tag-enterpriseam","tag-speed-round","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"e3c53631-9fb2-432f-9c60-ee80a356094d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/263.jpg","photo_position":"above","related_issue":[601475],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>In surprise move, gov\u2019t kickstarts IPO program with a successful Eastern Tobacco secondary offering - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/03\/in-surprise-move-govt-kickstarts-ipo-program-with-a-successful-eastern-tobacco-secondary-offering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In surprise move, gov\u2019t kickstarts IPO program with a successful Eastern Tobacco secondary offering\" \/>\n<meta property=\"og:description\" content=\"State privatization program finally underway with an oversubscribed Eastern Tobacco offering: The private placement portion of Eastern Tobacco\u2019s secondary offering of a 4.5% stake (equivalent to 101,250,000 shares) was 1.8x oversubscribed, with shares offered at EGP 17 apiece, the Public Enterprises Ministry said in a statement (pdf). 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of shares on offer from Eastern Company stake sale: Emirati businessman and chairman of Emaar Properties Mohamed Alabbar, along with a number of unamed Saudi Arabian investors, have bought 25% of shares in the institutional offering of Eastern Company\u2019s stake sale that took place last\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/3\/2270.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597538,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/acch-to-offer-20-stake-under-state-privatization-program\/","url_meta":{"origin":601480,"position":1},"title":"ACCH to offer 20% stake under state privatization program","author":"enterpriseam admin","date":"30 July 2019","format":false,"excerpt":"IPO WATCH- ACCH to offer 20% stake under state privatization program: Alexandria Container and Cargo Handling (ACCH) will offer 20% of its shares at EGP 15.6 apiece as part of the government\u2019s long anticipated IPO program, according to Al Mal. Sources said that 15% of the company\u2019s shares will be\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/cargo-1600-px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601534,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says\/","url_meta":{"origin":601480,"position":2},"title":"Big IPOs of fresh stocks to begin in September, minister says","author":"enterpriseam admin","date":"4 March 2019","format":false,"excerpt":"EXCLUSIVE- Next wave in state privatization program will be IPOs, set to begin in September: The next wave of state-owned companies selling shares as part of the state privatization program will be new listings, Public Enterprises Minister Hisham Tawfik told Enterprise yesterday. The state plans to begin listing four or\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/3\/1530.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595915,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/14\/egypts-first-ipo-this-year-sees-shares-up-31-on-the-first-day-of-trading\/","url_meta":{"origin":601480,"position":3},"title":"Egypt\u2019s first IPO this year sees shares up 31% on the first day of trading","author":"enterpriseam admin","date":"14 August 2019","format":false,"excerpt":"IPO WATCH- Fawry IPO \u2015 the first this year \u2015 sees shares up 31% on the first day of trading: The IPO of e-payments platform Fawry got off to a good start on the first day of trading, with shares closing up 31.2% to EGP 8.48 per share on Thursday.\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/782.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569536,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/27\/el-nasr-mining-company-to-offer-22-of-its-shares-on-the-egx\/","url_meta":{"origin":601480,"position":4},"title":"El Nasr Mining Company to offer 22% of its shares on the EGX","author":"enterpriseam admin","date":"27 February 2020","format":false,"excerpt":"PRIVATIZATION WATCH- El Nasr Mining Company to offer 22% of its shares in IPO: The Holding Company for Metallurgical Industries\u2019 general assembly has approved offering 21.97% of its subsidiary El Nasr Mining Company in an IPO on the EGX as part of the state privatization program, according to Youm7. 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