CAIRO, Sept 6 , 2018 (MENA) - Finance Minister Mohamed Maeet said Eastern Company S.A.E. will sell an additional 4.5 per cent of its stakes at Egypt Exchange (EGX) in line with a governmental programme for floating shares of state-owned companies on EGX. In a statement on Thursday, Maeet said state-owned investment bank NI Capital selected EGF Hermes to manage the sale of additional stakes from Eastern Company S.A.E. on the bourse. He also said that Prime Minister Moustafa Madbouli has given directives to accelerate the implementation of the first stage of the programme. Eastern Company is expected to rake in net profit of about LE two billion, he added. The date for launching the new IPO of Eastern Company is being set in tandem with EGF Hermes in order to select the best timing at the bourse, he said. Maeet said several companies will launch new IPOs in the last quarter of 2018. He added that the government is deeply interested in carrying out the programme which will boost EGX and buttress economic reforms. Eastern Company S.A.E. manufactures and trades in tobacco products in Egypt. The company, which has an authorised capital of LE three billion, offers cigarettes, cigars, and water pipe tobacco products. It also exports its products primarily to the Arab, African and European countries, as well as Malaysia, Japan, Thailand, the United States, and Canada. The Giza-based Eastern Company S.A.E., which was founded in 1920, is a subsidiary of the Chemical Industries Holding Company.
