Egypt will launch its programme for offering shares in state companies by offering a 4.5 percent stake in its top cigarette maker Eastern Company , the finance ministry said in a statement on Thursday.
It named EFG Hermes as the advisor to the sale and said it expected to raise 2 billion Egyptian pounds ($112 million) from the offer.
Egypt is working on selling shares in dozens of state-owned companies over the next three to five years across several sectors to help boost the state’s public finances.
Shares in Alexandria Mineral Oils Company (AMOC) , Abu Qir Fertilizers , and Alexandria Container and Cargo Handling are also scheduled to be floated in the first stage.
The state owns vast swathes of Egypt’s economy, including three of its largest banks – National Bank of Egypt, Banque Du Caire, the United Bank of Egypt – along with much of its oil industry and real estate sector.
($1 = 17.8600 Egyptian pounds)