Eastern Co shares up 5% at opening on stock exchange

Sunday 03 March 2019 03:08 AM

Egyptian Stock Exchange
Egyptian Stock Exchange

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.