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Egypt's Eastern Company to float 4% of its stakes at bourse

The general assembly of Egypt's Eastern Company for tobacco approved floating 4% of the company's stakes at the Egyptian Exchange.

In a statement on Monday, Minister of Public Enterprise Khaled Badawi said the move is meant to secure funds for expanding the company and restructuring it in addition to reviving the bourse and luring new investments.

This will help realizing good governance and transparency, he said.

In February, the bourse said in a statement that the company's revenues shot up 176.5% in the second quarter of the current fiscal year which started in July 2017.

The company's revenues hit LE 1.3 billion from September to December  against LE 463 million in the same period last year

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