Egypt’s top cigarette maker picks Matouk Bassiouny for second bourse offering

Egypt’s law firm Matouk Bassiouny has been formally mandated as a legal adviser on the additional public offering of the country’s top cigarette maker Eastern Company, expected to launch next month.

Eastern company will list an additional 4.5 percent on the local stock exchange as part of a government’s programme to offer shares in state companies.

Egypt is working on selling shares in dozens of state-owned companies over the next three to five years across several sectors to help boost the state’s public finances.

The state owns vast swathes of Egypt’s economy, including three of its largest banks – National Bank of Egypt, Banque Du Caire, the United Bank of Egypt – along with much of its oil industry and real estate sector.