The Egyptian state holding company for Chemical Industries is considering offers from foreign investors to sell part of its stake in eastern smoke company, according to a statement from the company to the Egyptian Stock Exchange on Tuesday.

Egypt is suffering from a shortage of dollar liquidity and is seeking to attract foreign investments and accelerate the implementation of the offering program it announced, which consists of selling stakes in companies, to increase dollar inflows as the pound depreciates.

Eastern company is the only producer of popular cigarettes in Egypt.

According to the statement, chemical holding, the main shareholder of Asharqiya Al-Dukhan, has received offers to sell a stake not exceeding 30% of its total stake of about 50.95%.

A source familiar with the file told Zawiya Arabi that the holding company received two offers from two companies operating in the local market, and that it will be negotiated with them through bidding to reach the highest price for the potential deal.

” These offers are currently being studied and negotiated with their providers to choose the best one, " according to the statement, which noted that the implementation of the deal is linked to the screening procedure.

Source : zawya