Egypt’s Eastern Company listed 4.5% of shares on stock market
The Eastern Company’s public offering, which resulted in Saudi investors buying 25% of the listing worth $23 million, raises questions about illicit profits within the government.
![EGYPT-ECONOMY/EASTERNCOMPANY A general view of the Eastern Company SAE, which is engaged in manufacturing tobacco products, in Cairo, Egypt September 27, 2018. REUTERS/Amr Abdallah Dalsh - RC12D2E17460](/sites/default/files/styles/article_hero_medium/public/almpics/2019/03/RTS2354D.jpg/RTS2354D.jpg?h=a5ae579a&itok=KRp0WaCD)
CAIRO — Member of parliament Haitham al-Hariri submitted March 12 a briefing request to Minister of Public Business Hisham Tawfik on his Feb. 28 listing of 4.5% of Egypt’s state-owned Eastern Company on the Egyptian Exchange. Tawfik has yet to respond.
The Eastern Company is Egypt’s top tobacco-maker and the second-largest source of revenue for the state budget after the Suez Canal Company. The company’s revenues are estimated at 55 billion Egyptian pounds ($3.17 billion) for fiscal year 2019.