Eastern Tobacco shares soars as foreign investors express interest in stake acquisition, in the latest development, Eastern Tobacco witnessed a remarkable surge of +8.49%, closing the session at EGP 19.80 per share (22/08/2023 session). The surge was triggered by the recent disclosure made by Eastern Company, highlighting that the Holding Company for Chemical Industries, the main shareholder, has received several offers from foreign investors to acquire a stake not exceeding 30% of its total stake. Currently holding 50.95% of Eastern's total shares, The share price quickly rose to EGP 20.50 per share within the first 5 minutes of the session.
You can download the company disclosure here
According to sources at Asharq Bloomberg, Japan Tobacco International (JTI), in which the Japanese government holds 33% of the shares, is also engaged in discussions with the Holding Company for Chemical Industries to potentially acquire a minority stake in Eastern Tobacco.
*Prices as of 22/08/2023 session
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