CAIRO, March 3 (Reuters) - Egypt’s top cigarette maker Eastern Company SAE shares were up 5 percent at opening on Egypt stock exchange after share offer to reach 17.50 Egyptian pounds($1.00)per share.
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.
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 total amount of the IPO will not exceed 1.635 billion pounds. ($1 = 17.4600 Egyptian pounds) (Reporting by Ehab Farouk Editing by Raissa Kasolowsky)