{"id":603939,"date":"2023-08-23T00:00:00","date_gmt":"2023-08-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/23\/govt-to-sell-up-to-15-stake-in-eastern-after-receiving-interest-from-multiple-investors\/"},"modified":"2023-08-23T00:00:00","modified_gmt":"2023-08-23T00:00:00","slug":"govt-to-sell-up-to-15-stake-in-eastern-after-receiving-interest-from-multiple-investors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/23\/govt-to-sell-up-to-15-stake-in-eastern-after-receiving-interest-from-multiple-investors\/","title":{"rendered":"Gov\u2019t to sell up to 15% stake in Eastern after receiving interest from multiple investors"},"content":{"rendered":"

Eastern Company confirms reports of potential stake sale: <\/strong>The government could sell up to 15.3% of state-owned tobacco manufacturer Eastern Company after receiving offers from several foreign investors, the EGX-listed firm said in a regulatory filing (pdf)<\/a> yesterday. Talks are at an early stage and the firm is yet to identify its preferred offer, the statement reads. The company did not disclose the identity of the investors.<\/p>\n

ICYMI- <\/strong> The filing came after reports earlier in the week that Philip Morris\u2019 United Tobacco had entered talks with the government<\/a> to acquire a minority stake in the company.<\/p>\n

JTI is reportedly in the running: <\/strong>Japan Tobacco International (JTI) is among the companies in talks with the government to snap up the stake, Asharq Business<\/a> reported yesterday, citing two unnamed sources it said are familiar with the negotiations. An Emirati state institution is also mulling an acquisition<\/a>, according to a report in Al Mal back in June.<\/p>\n

Gov\u2019t wants to maintain at least a blocking minority: <\/strong> The government\u2019s Chemical Industries Holding Company (CIHC) holds a 50.95% stake in Eastern and wants to maintain control over at least 35.67% of the company, according to figures in yesterday\u2019s disclosure. This would allow it to maintain its position as the company\u2019s single-largest shareholder and would give it a large enough position to have a deciding vote in key matters. Figures show South Africa\u2019s Allan Gray<\/a> holds 7.2% of Eastern, while the union of employee shareholders owns 5.2%; the remainder is in freefloat. Eastern is a regular dividend payer, traditionally attracting a range of institutional shareholders whose individual shareholdings fall short of the 5% threshold requiring they disclose their ownership.<\/p>\n

What\u2019s next: <\/strong> The company will file a disclosure once it has finalized terms with one of the investors, it said.<\/p>\n

What\u2019s Eastern worth? <\/strong> CIHC will be looking for a strategic buyer to pay a premium. Eastern\u2019s shares rose 8.5% yesterday to close at EGP 19.80, making it the EGX30\u2019s best performer of the day. That gives the company a market cap of EGP 44.1 bn. CIHC last sold shares in 2019, netting some EGP 1.72 bn and attracting heavy appetite from foreign investors. <\/p>\n","protected":false},"excerpt":{"rendered":"

Eastern is willing to sell down just under a third of its 51% stake<\/p>\n","protected":false},"author":1,"featured_media":603940,"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":[7321],"tags":[247,72,11482,7128,1730,81,587,1971],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-603939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-eastern-company","tag-enterpriseam","tag-japan-tobacco-international","tag-ma-watch","tag-philip-morris","tag-privatization-watch","tag-state-privatization-program","tag-united-tobacco","wpautop","entry"],"acf":{"mongo_id":"810900eb-4ee3-45a4-bd9e-1779b205fcbd","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1064.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt to sell up to 15% stake in Eastern after receiving interest from multiple investors","related_issue":[603934],"teaser":"Eastern is willing to sell down just under a third of its 51% stake","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.d53ff63b-27df-47cb-8198-2d8e8491fb2c.mp3"},"yoast_head":"\nGov\u2019t to sell up to 15% stake in Eastern after receiving interest from multiple investors - 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