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.
