October 19, 2018 / 10:20 AM / a month ago

Egypt postpones Eastern Tobacco share offering

CAIRO, Oct 19 (Reuters) - Egypt is to postpone the offering of a 4.5 percent stake in state-owned Eastern Tobacco company due to global market volatility, the ministry of finance said in a statement on Friday.

The ministry said that a cabinet committee responsible for managing IPOs had also made the decision because of the trade war between America and China and headwinds in emerging markets.

In May, Egypt’s state-owned Holding Company for Chemical Industries said it had agreed to sell part of its stake in Eastern Tobacco on the Cairo exchange.

Reporting by Ehab Farouk, writing by Amina Ismail; Editing by Kirsten Donovan

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