Eastern Company's Shares Purchased in EGX for 2.05 billion EGP

Business by 2FIRSTS.ai

Dec.29.2023

Eastern Company's Shares Purchased in EGX for 2.05 billion EGP

Egypt's main state-owned tobacco producer, Eastern Company, sold 734,600 shares for EGP 2.05 billion to investors on December 28th.

The Egyptian Exchange (EGX) announced on December 28th that investors have purchased 734,600 shares from Eastern Company, the leading state-owned tobacco manufacturer in Egypt. The total purchase amount reached EGP 2.05 billion (approximately $66.55 million). This share purchase represents 3.3% of the company's total capital, as Eastern Company currently possesses a total of 2.23 billion shares.

The Oriental Company has always been an important target for foreign investors in Egypt. Currently, it is listed as one of the 35 companies scheduled for partial or full privatization by the government. In November of last year, the UAE-based International Holding Company (Global Holding) acquired a 30% stake in the Oriental Company for 16.4 billion Egyptian pounds (approximately $53.086 million).

After this transaction is completed, the remaining shareholders of the company will include the state-owned chemical industry holding company (accounting for 20.9%), Allan Gray Equity Fund (accounting for 7.2%), the shareholders meeting of Oriental Tobacco Company (accounting for 6%), and free float shares (accounting for 36%).

Also Read:

[1] Complaint Filed by JTI Against Egyptian Tobacco Monopoly

[2] Philip Morris Egypt Adjusts Prices of Tobacco Products

[3] Revised VAT Bill Approved in Egypt, Expecting Cigarette Price Increase

#Traditional tobacco #Market #Africa #Egypt

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