Eastern Co., Egypt’s monopoly cigarette maker, has implemented both its private placement and initial public offering (IPO) on the Egyptian Exchange (EGX) on Wednesday, with a total value of EGP 1.72 billion.
Around 96.18 million shares were offered in the company’s IPO, with EGP 1.6 billion in turnover, according to a bourse statement released on Wednesday.
Meanwhile, 5.06 million shares were offered in the private placement, with a total value of EGP 86.06 million.
Earlier in March, Egypt’s public enterprise minister Hisham Tawfik stated that Eastern Company’s non-public offering was covered 1.8 times at EGP 17 per share.
The EGX-listed company posted a 12.6% year-on-year decrease in its net profits for the first half of fiscal year 2018/2019, recording EGP 2.02 billion.