Egypt’s Chemical Industries Holding Company (CIHC) has received offers from foreign investors to buy a stake in subsidiary Eastern Company, according to a stock exchange statement.

The Eastern Company is the only local manufacturer of cigarettes in Egypt with CIHC owning 50.95% of the company’s shares.

In a statement to EGX, Eastern Company said CIHC has received offers to buy 30 percent or less of its stake in the subsidiary.

“These offers are under studying and there’s negotiation with these investors to choose the best one, as the implementation of the deal is linked to conducting due diligence,” the statement said. It said the stake sale is in line with the government's directives regarding the programme of listing state-owned companies on the EGX.

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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