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.

 

Notice

1. This article is provided exclusively for professional research purposes related to industry, technology and policy. Any reference to brands or products is made solely for the purpose of objective description and does not constitute an endorsement, recommendation, or promotion of any brand or product.

2. The use of nicotine products, including but not limited to cigarettes, e-cigarettes, and heated tobacco products, is associated with significant health risks. Users are required to comply with all relevant laws and regulations in their respective jurisdictions.

3. This article is strictly restricted from being accessed or viewed by individuals under the legal age.

Copyright

This article is either an original work by 2Firsts or a reproduction from third-party sources with the original source clearly indicated. The copyright and usage rights of this article belong to 2Firsts or the original source. Unauthorized reproduction, distribution, or any other unauthorized use of this article by any entity or individual is strictly prohibited. Violators will be held legally responsible. For copyright-related matters, please contact: info@2firsts.com

AI Assistance Disclaimer

This article may have utilized AI to enhance translation and editing efficiency. However, due to technical limitations, errors may occur. Readers are advised to refer to the sources provided for more accurate information.

This article should not be used as a basis for any investment decisions or advice, and 2Firsts assumes no direct or indirect liability for any errors in the content.