Cairo – Mubasher: Chemical Industries Holding Company plans to sell a 4% of its shares in Eastern Co as part of the government's initial public offerings (IPOs) programme.
The Egyptian chemicals firm aims to allocate the return on sale (ROS) of the 4% stake to support and develop some of its distressed arms or firms that need investment expansion, company chairman Emad El-Din Mustafa told Alborsa News.
He has not revealed any further details regarding the sale’s timeframe or the target receipt.
Chemical Industries holds a 55% stake in Eastern Co, and the remaining 45% stake is distributed over retail and institutional shareholders.
On 18 March 2018, the finance ministry announced it would float 23 state-run companies on the Egyptian Exchange (EGX) at a total value of up to EGP 80 billion as part of the state-run IPOs programme’s first phase.
Finance minister Amr El-Garhy had previously denied that the Egyptian government was seeking to raise about $10 billion from its three-year IPO programme.
