Egypt's Tobacco Monopoly Climbs as State Sale Draws in Investors
- Eastern Tobacco Rises to the highest level in three months
- Stake sale part of government’s broader economic program
Photographer: Jason Alden/Bloomberg
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Egypt’s state-controlled tobacco monopoly climbed to the highest in three months as demand for the stock at a private placement was higher than the shares on offer.
The government on Feb. 28 launched the private placement of 4.5 percent in Eastern Tobacco -- a sale that was covered 1.8 times, local media cited Public Enterprise Minister Hisham Tawfik as saying. The offering is part of a long-delayed program to sell additional stakes in key state-run companies.