Eastern Company's Shares Purchased in EGX for 2.05 billion EGP

Business by 2FIRSTS.ai

Dec.29.2023

Eastern Company's Shares Purchased in EGX for 2.05 billion EGP

Egypt's main state-owned tobacco producer, Eastern Company, sold 734,600 shares for EGP 2.05 billion to investors on December 28th.

The Egyptian Exchange (EGX) announced on December 28th that investors have purchased 734,600 shares from Eastern Company, the leading state-owned tobacco manufacturer in Egypt. The total purchase amount reached EGP 2.05 billion (approximately $66.55 million). This share purchase represents 3.3% of the company's total capital, as Eastern Company currently possesses a total of 2.23 billion shares.

The Oriental Company has always been an important target for foreign investors in Egypt. Currently, it is listed as one of the 35 companies scheduled for partial or full privatization by the government. In November of last year, the UAE-based International Holding Company (Global Holding) acquired a 30% stake in the Oriental Company for 16.4 billion Egyptian pounds (approximately $53.086 million).

After this transaction is completed, the remaining shareholders of the company will include the state-owned chemical industry holding company (accounting for 20.9%), Allan Gray Equity Fund (accounting for 7.2%), the shareholders meeting of Oriental Tobacco Company (accounting for 6%), and free float shares (accounting for 36%).

Also Read:

[1] Complaint Filed by JTI Against Egyptian Tobacco Monopoly

[2] Philip Morris Egypt Adjusts Prices of Tobacco Products

[3] Revised VAT Bill Approved in Egypt, Expecting Cigarette Price Increase

#Traditional tobacco #Market #Africa #Egypt

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn

Notice

1. This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2. The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3. This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4. Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

Copyright

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

AI Assistance Disclaimer

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

Product | ELFBAR Launches New Open-System Device in UK with Three Pod Options and 2800mAh Battery

ELFBAR has launched its new open-system device ELFX MEGA, compatible with 2 mL, 5 mL and 10 mL pods and equipped with a 2800mAh battery that delivers significantly longer runtime than its predecessor. The device has passed MHRA notification in the UK and is now available online in the UK at a retail price of around £18.99.

Nov.25 by 2FIRSTS.ai

Russia’s FSB Seizes Illegal Vape Warehouse Worth USD 6 Million

Russia’s Federal Security Service (FSB) in the Tula Region dismantled an underground warehouse containing counterfeit vape products worth over 500 million rubles (approximately USD 6 million). A 27-year-old suspect was detained and faces up to 12 years in prison.

Nov.06 by 2FIRSTS.ai

Exclusive Interview | What’s Changing in Cigars? A Data Firm’s Perspective on the Industry’s Turning Point

As regulations tighten, consumer habits evolve, and new nicotine products reshape the market, the cigar industry is undergoing a quiet but profound transformation. In this exclusive interview, 2Firsts speaks with Cigar Sense — a data-driven sensory analysis firm — to explore what’s really changing in cigars, and what it means for manufacturers, retailers, and smokers around the world.

Nov.10

COP11 Update: Deep Divide Over Regulation of E-cigarettes and Nicotine Pouches as EU Pushes Back Against "Total Ban" Draft

At the ongoing COP11 in Geneva,a bloc led by Brazil and the Maldives has submitted a draft proposing "prohibition" as the primary policy path. In response, the European Union has submitted amendments requesting that the wording be adjusted to optional regulation, preserving the right of member states to decide on sales bans based on their own national laws.