INTERNATIONAL – Egypt’s top cigarette maker Eastern Company SAE shares were up 5 percent at opening on Egypt stock exchange after share offer to reach 17.50 Egyptian pounds($1.00)per share.
The company sold 95 percent of the shares on offer in the private sale and will sell the remainder at a public offer that begins on Sunday.
The Egyptian government had been planning to launch a programme of sales in state companies last October by selling 4.5 percent of Eastern Company.
The total amount of the IPO will not exceed 1.635 billion pounds.
Just recently, Egyptian Tourism Minister Rania al-Mashat praised on Monday the tourism sector as one of the most growing sectors worldwide.
Speaking at a press conference with the board of the Egyptian Tourism Federation, Mashat said her ministry seeks to make use of the recent growth in tourism through solving problems facing this vital field and improving skills of tourism staffers.