Eastern shares to be sold

Egypt on Tuesday became the latest country to sign up to the idea that the way ahead is to sell off the family silver.
According to a Reuters story citing a cabinet statement, the country announced the names of the first five state companies whose shares would be offered on the Cairo exchange: the Alexandria Mineral Oils Company, Eastern Tobacco, Alexandria Container and Cargo Handling, Abou Kir Fertilizers, and Heliopolis Housing.
The cabinet statement did not specify the exact timing of the share offerings or the size of the stakes to be offered, but the government has said previously that the stakes would range from 15-30 percent and would be offered in the coming months.
Egypt earlier this year said it planned to offer stakes in a total of 23 state companies to raise E£80 billion ($4.5 billion) during the next two-and-a-half years.