Delayed state offering stalls Egypt's surging share sales

The Egyptian government's postponement of its share sales has raised concerns the budget deficit may widen this year and pushed private companies to delay their own share offerings.
The government had been planning to sell 4.5 percent of tobacco producer Eastern Company this week, the first of up to five sales previously due by the end of this year. Another 18 were expected over the next two or three years.

Egypt hopes the sales will raise badly needed funds for the state and boost the private sector as the country implements austerity measures backed by the International Monetary Fund and struggles to contain inflation and debt.