EXCLUSIVE- Eastern Company will issue a tender for advisers on its 4% stake sale after Eid: The Eastern Tobacco Company is on the hunt for advisers for its 4% stake sale and will issue a global tender in the coming few days, Public Enterprises Minister Khaled Badawy told Enterprise. Bidding will be open to both local and international investment banks, he added. The sale of 4% is expected to bring in EGP 2-2.5 bn, Badawy added. The head of Eastern’s parent company, the Chemical Industries Holding Company, Emad El Din Mostafa had said last month that sale could be split in two stages, each offering 2% of the company’s shares

Badawy also confirmed that the sale will take place before the end of the month. This would make it the first state company to sell shares as part of the government’s privatization program.

The bulk of the state privatization program will take place this year, Badawy revealed. That includes companies looking to IPO and those looking to list additional shares. Companies which he says will likely list shares this year include Misr Insurance Holding Company, whose EGM approved listing shares on the EGX last month. He added that either the Damietta Container & Cargo Handling Company or the Port Said Container & Cargo Handling Company will list this year.