{"id":622651,"date":"2018-10-09T04:35:02","date_gmt":"2018-10-09T04:35:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/09\/eastern-company-stake-sale-set-for-21-25-october\/"},"modified":"2018-10-09T04:35:02","modified_gmt":"2018-10-09T04:35:02","slug":"eastern-company-stake-sale-set-for-21-25-october","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/09\/eastern-company-stake-sale-set-for-21-25-october\/","title":{"rendered":"Eastern Company stake sale set for 21-25 October"},"content":{"rendered":"

<\/a> ** #5 IPO WATCH- Eastern Company stake sale set for 21-25 October, timing not ideal: <\/strong>The sale of an additional 4.5% stake of cigarette maker Eastern Company on the EGX is scheduled to take place sometime between 21-25 October, Public Enterprises Minister Hisham Tawfik told the press yesterday, Youm7 reports<\/a>. The government is committed to the schedule even though the timing of the transaction is less than ideal, according to Tawfik, who explained that the current drop in stock market volumes may cut into revenues from the sale (Eastern\u2019s shares were down 4.0% at the end of yesterday\u2019s trading session). State-owned investment bank NI Capital had said that the Eastern sale is expected to yield as much as EGP 2 bn in proceeds. EFG Hermes had signed contracts last week<\/a> with the Chemical Industries Holding Company officially giving it the mandate to lead the transaction, which is expected to take the form<\/a> of an accelerated bookbuild.<\/p>\n

There could be up to 33 state companies selling stakes, not 23: <\/strong>The committee overseeing the privatization program has marked 10 public enterprises to add to its list of 23 companies, Tawfik also said<\/a>, without naming the companies.<\/p>\n","protected":false},"excerpt":{"rendered":"

** #5 IPO WATCH- Eastern Company stake sale set for 21-25 October, timing not ideal: The sale of an additional 4.5% stake of cigarette maker Eastern Company on the EGX is scheduled to take place sometime between 21-25 October, Public Enterprises Minister Hisham Tawfik told the press yesterday, Youm7 reports. The government is committed to […]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622651","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ff417968-0d72-4a2c-92c7-6ccfdd9b6e05","order":"0","is_powered_by":true,"section_story_id":"3d62a3bd-da66-42ea-8ff7-c9cf51451350","story_type":"1","photo_url":"","photo_position":"above","related_issue":[622639],"teaser":"","voice_url":""},"yoast_head":"\nEastern Company stake sale set for 21-25 October - 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\/10\/09\/eastern-company-stake-sale-set-for-21-25-october\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eastern Company stake sale set for 21-25 October\" \/>\n<meta property=\"og:description\" content=\"** #5 IPO WATCH- Eastern Company stake sale set for 21-25 October, timing not ideal: The sale of an additional 4.5% stake of cigarette maker Eastern Company on the EGX is scheduled to take place sometime between 21-25 October, Public Enterprises Minister Hisham Tawfik told the press yesterday, Youm7 reports. 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Eastern Co\u2019s shares stood at EGP 15.61 per\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621846,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/19\/egypts-eastern-tobacco-stake-sale-is-in-the-offing-as-share-price-recovers\/","url_meta":{"origin":622651,"position":1},"title":"Egypt\u2019s Eastern Tobacco stake sale is \u201cin the offing\u201d as share price recovers","author":"enterpriseam admin","date":"19 November 2018","format":false,"excerpt":"IPO WATCH- Eastern Tobacco stake sale is \u201cin the offing\u201d as share price recovers: The sale by the state of an additional 4.5% stake in the Eastern Tobacco Company on the EGX is \u201cin the offing,\u201d Public Enterprises Minister Hisham Tawfik said yesterday, according to Al Mal. Tawfik did not\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599693,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/amoc-shareholders-decide-to-postpone-stake-sale-until-profitability-rebounds\/","url_meta":{"origin":622651,"position":2},"title":"AMOC shareholders decide to postpone stake sale until profitability rebounds","author":"enterpriseam admin","date":"8 January 2019","format":false,"excerpt":"AMOC shareholders decide to postpone stake sale until profitability restored: Shareholders in the Alexandria Mineral Oils Company (AMOC) have decided to hold off on the sale of a 20% stake on the EGX as part of the state privatization program until the company\u2019s profitability rebounds, an unnamed government source tells\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622761,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/11\/zulficar-partners-tapped-as-legal-counsel-on-eastern-tobacco-sale\/","url_meta":{"origin":622651,"position":3},"title":"Zulficar & Partners tapped as legal counsel on Eastern Tobacco sale","author":"enterpriseam admin","date":"11 October 2018","format":false,"excerpt":"** #4 EXCLUSIVE- IPO WATCH- Zulficar & Partners tapped as legal counsel on Eastern sale: Zulficar & Partners has been chosen to act as legal counsel to Eastern Company on the sale of a 4.5% stake in the state-owned tobacco maker, a source close to the transaction told Enterprise on\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622001,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-to-hold-off-on-eastern-tobacco-stake-sale-until-the-market-stabilizes-says-efg\/","url_meta":{"origin":622651,"position":4},"title":"Egypt to hold off on Eastern Tobacco stake sale until the market stabilizes, says EFG","author":"enterpriseam admin","date":"25 November 2018","format":false,"excerpt":"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. 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