Investors Buy Stake in Eastern Co.

Investors have acquired 3.3 percent of the shares in Eastern Co. for EGP2.05 billion ($66.55 million), reports Ahram Online, citing an announcement by the Egyptian Exchange

The acquisition was conducted in a block-trading transaction, typically carried out by a single investor or a group of investors on the market.

In November, Global Investment Holdings of the United Arab Emirates acquired a 30 percent stake in Eastern Co. for EGP16.4 billion.

Following the most recent transaction, the remaining shareholders in the company are the state-owned Holding Company for Chemical Industries (20.9 percent), Allan Gray Equity Fund (7.2 percent), the shareholders union of the Eastern Tobacco Co., with the remaining 6 percent of shares trading on the stock market.

Eastern Co. is listed among 35 companies slated for partial or complete privatization by the government.