Egypt - Two international cigarette companies are competing to buy a stake in Eastern Company, the largest cigarette manufacturer in Egypt. The Holding Company for Chemical Industries, which owns 50.95% stake in Eastern Company, said in a disclosure on Tuesday that it had received several offers from foreign investors to buy a stake not exceeding 30% of its share in Eastern Company, and negotiations are underway to choose the best offer. According to sources who spoke to Daily News Egypt, Japan Tobacco International (JTI) and United Tobacco Company, in which Philip Morris International controls the majority of its shares, submitted offers to obtain a stake in Eastern Company. Eastern Company owns about 24% of United Tobacco Company, and is represented on its board of directors. The sources indicated that the share that United Tobacco Company aims to acquire in Eastern Company amounts to about 33%, but after deducting the share of Eastern Company, it will be less than 30%.
