Egypt sells stake in tobacco firm Eastern Co. to UAE company | Reuters
Egypt has sold a stake in tobacco products maker Eastern Co (EAST.CA) in its first foreign sale of a major state asset since it agreed to a privatisation programme with the IMF last December.
The buyer was the UAE's Global Investment Holding Co., Eastern CEO Hani Aman confirmed to Reuters on Thursday.
Global Investment bought 30% of Eastern, or 669 million shares, for 16.40 billion Egyptian pounds ($531.60 million), or 24.51 pounds per share. The stock was trading at about 27.60 pounds on Thursday.
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