March 1, 2019 / 8:23 AM / 9 months ago

Egypt's Eastern Co private share offer oversubscribed - state media

CAIRO, March 1 (Reuters) - A private offer for shares in Egypt’s top cigarette maker Eastern Company SAE was covered 1.8 times at 17 Egyptian pounds ($0.9737) per share, the state news agency MENA said on Friday, citing the minister of public enterprise.

The Egyptian government had been planning to launch a programme of sales in state companies last October by selling 4.5 percent of Eastern Company.

The company sold 95 percent of the shares on offer in the private sale and will sell the remainder at a public offer that begins on Sunday, MENA said.

$1 = 17.4600 Egyptian pounds Reporting by Omar Fahmy Writing by Nadine Awadalla Editing by Edmund Blair

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