Global Investment Holding to invest $150M in Eastern Company in 2024 – Egypt Today

Global Investment Holding to invest $150M in Eastern Company in 2024 – Egypt Today

Global Investment Holding (GIH) has announced its plans to provide Eastern Company with a investment of $150 million in hard currency in 2024.





This move aims to enhance the company's capacity to procure manufacturing inputs and boost its overall operations, according to local media reports.





CAIRO - 20 November 2023: The announcement comes after GIH successfully acquired 669 million shares in Eastern Company, a subsidiary of the state-owned Chemical Industries Holding Company (CIHC), at a price of EGP 28.90 per share. As part of the agreement, CIHC will receive additional installments totaling $94.8 million in 2024, subsequently bringing the total value of the transaction to an impressive $625 million.





The acquisition of Eastern Company by GIH marks a significant milestone for the government, representing the largest single asset sale since the revitalization of Egypt's privatization strategy earlier this year.





The cabinet's Information and Decision Support Center (IDSC) issued a report last month highlighting the government's target to raise up to EGP 70 billion through its initial public offering (IPO) program in the financial year 2023/2024.