The stock exchange made notable gains on Tuesday, after the statement of the eastern smoke company, in which the holding company for Chemical Industries owns a controlling stake, on offers to buy a large share of it.
The main index " EGX " 30 rose by 1.7%, reaching the level of 18217 points.
The company announced that the government has received several offers from foreign investors to buy 30% of its shares in the company, as part of the government offering program, to enhance dollar revenues, according to a statement to the Egyptian Stock Exchange.
The Egyptian government currently owns about 50.95% of the shares of the eastern smoke company, through the holding company for chemical industries, and the remaining shares are distributed as follows: 7.1% for the investment fund “ALLAN GARAY” in South Africa, and 5.20% for the Union of employees shareholders, and 36.75% of the shares are traded on the stock exchange.
Alsharqiya told Dukhan in its disclosure to the stock exchange:”the chemical holding company is studying the offers submitted, negotiating with its providers to choose the best one, knowing that the implementation of the deal is linked to the screening procedure, stressing that once the best and appropriate offer is settled, it will be disclosed directly".
Source : Sunrise
