According to a report from Cairo-based media Egypttoday on May 22, Philip Morris International (PMI) announced on Wednesday that it has acquired a minority indirect stake in the Egyptian state-owned tobacco manufacturer Eastern Company (EAST.CA), totaling 14.7%.
Eastern Company is Egypt's largest cigarette manufacturer, producing products such as cigars and pipe tobacco. The company clarified that as part of this acquisition, PMI and Eastern are seeking to explore potential strategic areas of long-term collaboration in technology, manufacturing, and innovation on a non-exclusive basis. This includes heated tobacco products, paving the way for a smoke-free future in Egypt.
Fred de Wilde, President of the South Asia, Southeast Asia, Independent States of the Commonwealth, Middle East, and Africa Region, stated, "We look forward to exploring potential areas of collaboration with Eastern Company, including opportunities to provide Egyptian adult smokers with better alternatives to cigarettes.
In November 2923, Chemical Industry Holdings Corporation (CIHC) ultimately sold 30% of its subsidiary, state-owned tobacco manufacturer Eastern Company, for 164 billion Egyptian pounds. CIHC sold approximately 6.69 billion shares to the investment company Global Investment Holding, based in the United Arab Emirates (UAE).
Egypt is selling shares of 35 state-owned companies through issuing stocks to strategic investors, listing on the EGX, or a combination of both.
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