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Eastern Co, ENPPI to initiate state-run IPO programme

Eastern Co, ENPPI to initiate state-run IPO programme
The additional share sale of Egypt's monopoly cigarette maker is forecast to take place in Q1 of FY 18/19
Eastern Co
EAST
-0.37% 27.00 -0.10

Cairo – Mubasher: Eastern Co is expected to be the first state-owned firm to float an additional stake on the Egyptian Exchange (EGX) as part of the government initial public offering (IPO) programme, an official has said.

The additional share sale of Egypt's monopoly cigarette maker is forecast to take place in the first quarter of fiscal year 2018/2019 or by the end of September, he added.

In the same vein, Engineering For The Petroleum & Process Industries (ENPPI) is projected to be the second state-run company to offer a stake on the Egyptian bourse in the next period under the programme, the official told Enterprise, noting that ENPPI’s IPO may be in the first three months of the current fiscal year, or in October.

It is noteworthy that the North African nation is planning to list 23 public sector companies on the EGX with a total value of EGP 80 billion in the first phase of government IPO programme. The government seeks to finish the share sale scheme of its firms within 24 - 30 months with a combined market value of EGP 430 billion.