Egypt divests a 30% stake in the Eastern Company for $625 million.

It’s a wrap on the Eastern stake sale: The Madbouly government has completed the sale of a 30% stake in state-owned tobacco manufacturer Eastern Company for USD 625 mn, making it the single-largest transaction since it rebooted its privatization strategy earlier this year.

New Emirati shareholders: The UAE-based Global Investment Holding (GIH) purchased 669 mn shares from the company’s state-owned majority shareholder for EGP 24.52 apiece, totaling EGP 16.4 bn (USD 532 mn), the Public Enterprises Ministry said in a statement (pdf) Thursday. The transaction will make GIH the company’s single-largest shareholder.

 

 

ArabMLS Founder

Ahmed Elbatrawy, who leads the Arab MLS platform, aims to simplify property transactions in the Middle East, paving the way for unprecedented global investment opportunities.

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