Egyptian Exchange says block trading deal on Eastern Company shares implemented

Egyptian Exchange (EGX) announced on Wednesday the acquisition of 37.463 million shares in the country’s top cigarette maker, Eastern Company for 2.056 billion Egyptian pounds ($66.6 million).

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

Details of the deal will be revealed in later official announcements.

Earlier, UAE’s Global Investment Holding Company signed last September an agreement to acquire 30 percent of shares in Eastern Company under a deal worth $625 million. The agreement aligned with the Egyptian government’s plan to offer offering state-owned stakes in EGX-listed companies listed, aiming to boost the private sector engagement and attract hard currency.