Egypt has received several offers from foreign investors to buy up to 15.3 per cent of the shares of state-controlled Eastern Co, the country’s main tobacco products maker, reports Reuters.

If it goes through, it would inject new momentum into Egypt’s floundering privatisation programme and reduce the state-owned Holding Company for Chemical Industries’ 50.95 per cent stake in Eastern’s shares to as little as 35.67 per cent, according to Reuters calculations.

The government sold 4.5 per cent of Eastern Co on the stock exchange in 2019, leaving the holding company with a majority stake.

“These offers are under study and there’s a negotiation with these investors to choose the best one, as the implementation of the deal is linked to conducting due diligence,” the statement quoted the holding company as saying. “Disclosure will be made once the best and most appropriate offer is settled,” it said.