{"id":622001,"date":"2018-11-25T04:22:08","date_gmt":"2018-11-25T04:22:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-to-hold-off-on-eastern-tobacco-stake-sale-until-the-market-stabilizes-says-efg\/"},"modified":"2018-11-25T04:22:08","modified_gmt":"2018-11-25T04:22:08","slug":"egypt-to-hold-off-on-eastern-tobacco-stake-sale-until-the-market-stabilizes-says-efg","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-to-hold-off-on-eastern-tobacco-stake-sale-until-the-market-stabilizes-says-efg\/","title":{"rendered":"Egypt to hold off on Eastern Tobacco stake sale until the market stabilizes, says EFG"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>IPO WATCH - No Eastern Tobacco stake sale until the market stabilizes, says EFG:<\/strong> The state will not proceed with the sale of an additional 4.5% stake in the Eastern Tobacco Company on the EGX until the market stabilizes, EFG Hermes\u2019 Investment Banking Co-Head Moustafa Gad <a href=\"http:\/\/www.masrawy.com\/news\/news_economy\/details\/2018\/11\/24\/1467751\/%D9%87%D9%8A%D8%B1%D9%85%D9%8A%D8%B3-%D9%84%D9%86-%D9%86%D8%BA%D8%A7%D9%85%D8%B1-%D8%A8%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-%D9%88%D9%86%D9%86%D8%AA%D8%B8%D8%B1-%D8%A7%D8%B3%D8%AA%D9%82%D8%B1%D8%A7%D8%B1-%D8%A7%D9%84%D8%B3%D9%88%D9%82#sectionListing\">told Masrawy<\/a>. Gad acknowledged that the company\u2019s share price has improved from its October plunge, but stressed that the investment bank \u2014 which is managing the transaction \u2014 has advised the government against moving ahead with the sale until market conditions ensure a successful offering. Public Enterprises Minister Hisham Tawfik <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/19\/egypts-eastern-tobacco-stake-sale-is-in-the-offing-as-share-price-recovers\/\">had said last week<\/a> that the transaction is \u201cin the offing\u201d but that his ministry would discuss the matter with EFG. Regulations for the state privatization program bar any company from proceeding with a stake sale if its shares rise or fall beyond a threshold of 10% of its average value in the month preceding the transaction.<\/p>\n<p><strong>Background:<\/strong> The government had <a href=\"https:\/\/enterprise.press\/wp-content\/uploads\/2018\/10\/%D8%AA%D8%A3%D8%AC%D9%8A%D9%84-%D8%B7%D8%B1%D8%AD-4.5-%D9%85%D9%86-%D8%A7%D8%B3%D9%87%D9%85-%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-%D8%A8%D8%B3%D8%A8%D8%A8-%D8%AA%D9%82%D9%84%D8%A8%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D8%B3%D9%88%D8%A7%D9%82-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9.pdf\">announced last month<\/a> that the transaction \u2014 which is expected to pilot the privatization program \u2014 had been put on ice \u201cindefinitely\u201d after Eastern\u2019s share price plunged 11.5% in one week, pressured by the wider emerging market selloff, a high interest rate environment, a looming trade war, and the introduction of protectionist measures in various countries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IPO WATCH - No Eastern Tobacco stake sale until the market stabilizes, says EFG: The state will not proceed with the sale of an additional 4.5% stake in the Eastern Tobacco Company on the EGX until the market stabilizes, EFG Hermes\u2019 Investment Banking Co-Head Moustafa Gad told Masrawy. Gad acknowledged that the company\u2019s share price [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[11310,84,68,72,78,2380,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622001","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-eastern-tobacco-company","tag-efg-hermes","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-speed-round","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"097fc71c-13eb-4e20-8fae-226cd5ec8b33","order":"0","is_powered_by":true,"section_story_id":"38879613-8be4-453f-9c5a-b84dc8adde10","story_type":"1","photo_url":"","photo_position":"above","related_issue":[621991],"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>Egypt to hold off on Eastern Tobacco stake sale until the market stabilizes, says EFG - 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\/2018\/11\/25\/egypt-to-hold-off-on-eastern-tobacco-stake-sale-until-the-market-stabilizes-says-efg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt to hold off on Eastern Tobacco stake sale until the market stabilizes, says EFG\" \/>\n<meta property=\"og:description\" content=\"IPO WATCH - No Eastern Tobacco stake sale until the market stabilizes, says EFG: The state will not proceed with the sale of an additional 4.5% stake in the Eastern Tobacco Company on the EGX until the market stabilizes, EFG Hermes\u2019 Investment Banking Co-Head Moustafa Gad told Masrawy. Gad acknowledged that the company\u2019s share price [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-to-hold-off-on-eastern-tobacco-stake-sale-until-the-market-stabilizes-says-efg\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-25T04:22:08+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-to-hold-off-on-eastern-tobacco-stake-sale-until-the-market-stabilizes-says-efg\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-to-hold-off-on-eastern-tobacco-stake-sale-until-the-market-stabilizes-says-efg\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt to hold off on Eastern Tobacco stake sale until the market stabilizes, says EFG\",\"datePublished\":\"2018-11-25T04:22:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-to-hold-off-on-eastern-tobacco-stake-sale-until-the-market-stabilizes-says-efg\/\"},\"wordCount\":223,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Eastern Tobacco Company\",\"EFG Hermes\",\"EGX\",\"EnterpriseAM\",\"IPO watch\",\"SPEED ROUND\",\"state privatization program\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-to-hold-off-on-eastern-tobacco-stake-sale-until-the-market-stabilizes-says-efg\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-to-hold-off-on-eastern-tobacco-stake-sale-until-the-market-stabilizes-says-efg\/\",\"name\":\"Egypt to hold off on Eastern Tobacco stake sale until the market stabilizes, says EFG - 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Tawfik had said in March that the\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\/2020\/6\/307.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597193,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/18\/efg-to-invest-usd-60-mn-in-education-pharma-acquisitions\/","url_meta":{"origin":622001,"position":3},"title":"EFG to invest USD 60 mn in education, pharma acquisitions","author":"enterpriseam admin","date":"18 July 2019","format":false,"excerpt":"INVESTMENT WATCH- EFG Hermes to invest USD 60 mn in education, pharma acquisitions: EFG Hermes is set to acquire schools in Cairo and Alexandria in a USD 30 mn transaction, and will invest another USD 30 mn in a transaction in the pharma sector, Private Equity Head Karim Moussa said\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\/efg-hermes-1600px.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":622001,"position":4},"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":549589,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/22\/there-are-two-ways-forward-for-egypts-ipo-market-says-efg-hermes-investment-banking-boss\/","url_meta":{"origin":622001,"position":5},"title":"There are two ways forward for Egypt\u2019s IPO market, says EFG Hermes investment banking boss","author":"enterpriseam admin","date":"22 September 2022","format":false,"excerpt":"We have a handful of traditions at the EFG Hermes One on One \u2014 one is eating a lot of red meat. Another is checking in with Mostafa Gad for a glimpse into what his crystal ball says about the IPO and M&A outlooks for Egypt in the year ahead.\u2026","rel":"","context":"In &quot;ENTERPRISE ON THE ROAD&quot;","block_context":{"text":"ENTERPRISE ON THE ROAD","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-on-the-road\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=622001"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622001\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/621991"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622001"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622001"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}