March 3, 2019 / 8:25 AM / 5 months ago

Egypt’s Eastern Co shares up 5 percent at opening on Egypt stock exchange

CAIRO, March 3 (Reuters) - Egypt’s top cigarette maker Eastern Company SAE shares were up 5 percent at opening on Egypt stock exchange after share offer to reach 17.50 Egyptian pounds($1.00)per share.

The company sold 95 percent of the shares on offer in the private sale and will sell the remainder at a public offer that begins on Sunday.

The Egyptian government had been planning to launch a programme of sales in state companies last October by selling 4.5 percent of Eastern Company.

The total amount of the IPO will not exceed 1.635 billion pounds. ($1 = 17.4600 Egyptian pounds) (Reporting by Ehab Farouk Editing by Raissa Kasolowsky)

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