February 28, 2019 / 6:40 PM / 6 months ago

Eastern Co obtains approval to offer additional shares on Egyptian exchange -source

CAIRO, Feb 28 (Reuters) - Egypt’s top cigarette maker Eastern Company SAE obtained approval from Egypt’s Financial Regulatory Authority to offer an additional 4.5 percent of its shares on the Egyptian stock exchange, a source familiar with the offering said on Thursday.

The private offering to institutional investors of around 95 percent of the offered shares began on Thursday and will end later in the day, the source said.

The public offering for small investors will begin on Sunday and end on Tuesday, the source said.

The indicative price for the offering is between 16.84 and 20.85 Egyptian pounds per share, the source said.

Reporting by Ehab Farouk; Writing by Yousef Saba Editing by Alexandra Hudson

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