{"id":623270,"date":"2018-10-25T04:15:24","date_gmt":"2018-10-25T04:15:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/sale-of-egypts-eastern-company-to-take-place-as-soon-as-market-conditions-improve-public-enterprise-minister\/"},"modified":"2018-10-25T04:15:24","modified_gmt":"2018-10-25T04:15:24","slug":"sale-of-egypts-eastern-company-to-take-place-as-soon-as-market-conditions-improve-public-enterprise-minister","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/sale-of-egypts-eastern-company-to-take-place-as-soon-as-market-conditions-improve-public-enterprise-minister\/","title":{"rendered":"Sale of Egypt\u2019s Eastern Company to take place as soon as market conditions improve -Public Enterprise Minister"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> ** #5 <strong>IPO WATCH- Eastern sale to take place as soon as market conditions improve: <\/strong>The sale of an additional 4.5% stake in the Eastern Tobacco Company on the EGX will take place as soon as stock market conditions improve, Public Enterprise Minister Hisham Tawfik said yesterday, denying our <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/22\/state-privatization-program-postponed-amid-emerging-market-headwinds-govt-remains-completely-committed-to-program-but-could-tweak-lineup-of-participating-companies-2\/\">exclusive report<\/a> from earlier this week that the state privatization program had been postponed to the first quarter of 2019. Tawfik <a href=\"https:\/\/alborsaanews.com\/2018\/10\/24\/1144969\">told a local newspaper<\/a> that the government \u201cdid not postpone the program to a specific date,\u201d noting that the Eastern sale could happen \u201cin two weeks or in two months\u2019 time\u201d if the stock price bounces back from its current slump.<\/p>\n<p><strong>Background: <\/strong>The government <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 on Friday<\/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 by as much as 11.5% last 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. Our sources had told us that cabinet, while completely committed to the program, had made the decision to push the timeline after consulting with investment bankers. They had also told us that officials could potentially use the time to tweak the list of companies that will be on offer.<\/p>\n<p><strong>This came as Eastern reported a net profit after tax of EGP 991 mn in 1Q2018\/19<\/strong>, down 4.83% y-o-y, <a href=\"http:\/\/www.egx.com.eg\/downloads\/Bulletins\/222706_1.pdf\">according to a disclosure to the bourse (pdf).<\/a> Revenues were up 6.77% compared to the same period last year at EGP 3.39 bn, but the company attributed the drop in net profit to a y-o-y decrease in interest income, <a href=\"http:\/\/www.egx.com.eg\/downloads\/Bulletins\/222706_2.pdf\">it said in a separate disclosure (pdf)<\/a>.<\/p>\n<p><strong>CIHC names new Eastern MD, chairman: <\/strong>In other company news, the Chemical Industries Holding Company (CIHC), which owns 55% of the cigarette-maker, named Hany Hussein as Eastern\u2019s new Managing Director, according to a statement <a href=\"https:\/\/almalnews.com\/Story\/395632\/11\/%D8%A7%D9%84%D9%82%D8%A7%D8%A8%D8%B6%D8%A9-%D8%A7%D9%84%D9%83%D9%8A%D9%85%D8%A7%D9%88%D9%8A%D8%A9-%D8%AA%D8%B9%D9%8A%D9%86-%D9%85%D8%AC%D9%84%D8%B3-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A7-%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\">picked up by Al Mal<\/a>. Tamer Gadallah was also named the company\u2019s new chairman of the board, replacing Mohamed Haroun, who had occupied both positions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>** #5 IPO WATCH- Eastern sale to take place as soon as market conditions improve: The sale of an additional 4.5% stake in the Eastern Tobacco Company on the EGX will take place as soon as stock market conditions improve, Public Enterprise Minister Hisham Tawfik said yesterday, denying our exclusive report from earlier this week [&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":[2219,409,247,68,72,206,2380,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623270","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-chemical-industries-holding-company","tag-earnings-watch","tag-eastern-company","tag-egx","tag-enterpriseam","tag-moves","tag-speed-round","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"11e5f67b-a017-49ae-9f62-a3715330df19","order":"0","is_powered_by":true,"section_story_id":"fc051e39-f732-46b9-928d-e358193de6e2","story_type":"1","photo_url":"","photo_position":"above","related_issue":[623260],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Tawfik did not\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597718,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/02\/tawfik-hhd-to-ipo-in-4q2019-or-seek-help-from-strategic-investors\/","url_meta":{"origin":623270,"position":1},"title":"Tawfik: HHD to IPO in 4Q2019 or seek help from strategic investors","author":"enterpriseam admin","date":"2 May 2019","format":false,"excerpt":"IPO WATCH- Stake in Heliopolis Housing could be sold to a strategic investor: The Public Enterprises Ministry is working with the government\u2019s IPO committee to decide the fate of Heliopolis Company for Housing and Development (HHD) after it was dropped from the lineup of companies in the first wave of\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\/2\/329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605232,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/26\/eastern-co-to-proceed-with-4-5-stake-sale-when-share-price-is-at-egp-18-70\/","url_meta":{"origin":623270,"position":2},"title":"Eastern Co. to proceed with 4.5% stake sale when share price is at EGP 18.70","author":"enterpriseam admin","date":"26 December 2018","format":false,"excerpt":"IPO WATCH- Eastern Company won\u2019t go ahead with its planned 4.5% stake sale until its share price reaches EGP 18.70, Public Enterprise Minister Hisham Tawfik told the local press in an interview. \u201cThere needs to be some kind of stability,\u201d Tawfik said. Eastern Co\u2019s shares stood at EGP 15.61 per\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598874,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/demand-is-high-for-further-secondary-offerings-tawfik\/","url_meta":{"origin":623270,"position":3},"title":"Demand is high for further secondary offerings -Tawfik","author":"enterpriseam admin","date":"11 June 2019","format":false,"excerpt":"Demand is high for further secondary offerings -Tawfik: There is high demand for the next two secondary offerings scheduled take place in the first wave of the state privatization program, Public Enterprise Minister Hisham Tawfik told Al Mal during a forum at the Egyptian Center For Economic Studies, without naming\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\/2\/259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622651,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/09\/eastern-company-stake-sale-set-for-21-25-october\/","url_meta":{"origin":623270,"position":4},"title":"Eastern Company stake sale set for 21-25 October","author":"enterpriseam admin","date":"9 October 2018","format":false,"excerpt":"** #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.\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595077,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/16\/egypt-expects-several-ipos-by-year-end\/","url_meta":{"origin":623270,"position":5},"title":"Egypt expects several IPOs by year-end","author":"enterpriseam admin","date":"16 September 2019","format":false,"excerpt":"IPO WATCH - Pharma company looking to make EGX debut this year: One private pharma company worth more than USD 61 mn is planning to offer shares on the stock market by year\u2019s end, Sayed Abdel Fadeel, head of the Financial Regulatory Authority\u2019s corporate finance department, told Reuters without naming\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\/9\/247.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/623270","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=623270"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/623270\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/623260"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=623270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=623270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=623270"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=623270"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=623270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}