PMI Acquires Minority Stake in Egypt's Eastern Company

PMI by 2FIRSTS.ai

May.23.2024

PMI Acquires Minority Stake in Egypt's Eastern Company

PMI acquires minority stake in Egypt's leading tobacco manufacturer EAST.CA, exploring long-term cooperation in non-exclusive fields.

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.

References:

[1] Philip Morris International acquires 14.7% in Egypt's Eastern Company

Also Read:

[1] PMI Japan Resumes Sales of Popular IQOS ILUMA Products

[2] PMI Invests 30 million USD in Ukraine New Factory Despite Ongoing Conflict

[3] PMI Mexico Launches IQOS ILUMA for Smoke-Free Future

[4] PMI Reports Strong Performance for H1: IQOS ZYN Exceeding Expectations

[5] PMTT and TPM form Strategic Business Alliance in Trinidad

#PMI

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

Thailand’s health minister rejects vaping as a smoking cessation alternative

Thailand’s Public Health Minister Phatthana Phromphat has reaffirmed that the government does not support cigarettes or e-cigarettes in any form and opposes the use of e-cigarettes as a substitute for smoking cessation.

Dec.17 by 2FIRSTS.ai

Mexican Congress Postpones Debate on Vape and E-Cigarette Ban

Mexico’s Chamber of Deputies has postponed the debate on a reform to the General Health Law that seeks to completely ban the sale and distribution of electronic cigarettes and vapes. Lawmaker Amancay González Franco (MC) criticized the draft for excluding tobacco heating devices, such as Philip Morris’s IQOS, arguing that these products are even more harmful according to the World Health Organization.

Dec.05 by 2FIRSTS.ai

Israel Proposes E-Cigarette Tax Reform Expected to Raise 154 million USD Shekels Annually

Israel’s Finance Ministry has proposed a 2026 economic reform introducing new taxes and licensing for e-cigarettes. The plan would impose a NIS 1-per-ml tax on vape liquids and NIS 30 per device, abolish VAT exemptions in Eilat, and is expected to generate about NIS 500 million（154 million USD） annually.

Nov.10 by 2FIRSTS.ai

Philip Morris USA Reaches $66M Settlement With Washington State Over MSA Payment Dispute

Philip Morris USA has reached a settlement with Washington State and agreed to pay $66 million to resolve disputes over annual payments under the 1998 Master Settlement Agreement (MSA) for the period 2005–2015.