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EFG Hermes advises on Eastern Co’s further share sale

EFG Hermes advises on Eastern Co’s further share sale
Eastern Company’s additional share sale has attracted a large number of global, GCC, and Egyptian investors
EFG Holding
HRHO
-1.82% 17.77 -0.33
Eastern Co
EAST
-0.33% 27.01 -0.09

Cairo – Mubasher: EFG Hermes Holding on Thursday announced that it has acted as the international coordinator and lead manager for floating an additional stake in Eastern Company on the Egyptian Exchange (EGX).

Eastern Company’s further share sale has attracted a large number of global, GCC, and Egyptian investors, Mohamed Ebeid, co-CEO of EFG Hermes Investment Bank, said.

International and GCC institutional investors acquired around 94% of the private placement of the firm’s initial public offering (IPO), while local investment funds dominated the remaining 6% stake.

On Wednesday, Eastern Co carried out both private placement and IPO on the EGX with a total value of EGP 1.72 billion.

Egypt’s Financial Regulatory Authority (FRA) previously approved the offering of 4.5% stake in Eastern Co. on the EGX.