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NI Capital, EFG-Hermes consider further alternatives to price Eastern Co. share


Cairo: In collaboration with governments investment bank NI Capital, EFG-Hermes (HRHO) is exploring alternatives to price the share of Eastern Tobacco Company in preparation for offering an additional 4.5% stake of the firm shares on the Egyptian Exchange to ensure that the negative performance of the capital market will not affect floatation.
It should be recalled that Prime Minister issued a decree in last June to re-regulate state-owned companies IPOs program. The decree includes the pricing method of the shares of listed companies intending to offer additional stakes. The offer price for state-owned companies that will sell additional stakes on the EGX will be set within 10% of the trailing market average under the decree.
The government has recently announced floating a further 4.5% stake in Eastern Co. (EAST) on the Egyptian Exchange.
NI Capital, the consultant of the state-run IPOs, has picked up the leading investment bank EFG Hermes to manage Egypts monopoly cigarette makers additional offering.
Sources told Al Mal newspaper that other alternatives are being explored, in additional to those included in the ministerial decree as the market price of share has recently declined, which would affect flotation pricing.


Time Added: 2018-09-18 13:53:29
Source: arabfinance
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