Cairo – Mubasher: Chemical Industries Holding Company and EFG Hermes have signed a deal to manage and begin the roadshow of Eastern Co’s initial public offering (IPO).

Upon the deal, the leading investment bank will manage Egypt's monopoly cigarette maker's additional offering of 4.5% stake on the Egyptian Exchange (EGX), according to a bourse filing.

On Sunday, a government source said Eastern Co would offer a further stake of 4.5% stake on the Egyptian bourse in October.

The IPO will take place in the second half of this month, the source noted, stressing that the emerging markets crisis will not affect the state-run IPOs programme as foreign investors have already shown interest in it.