The government is expected to finalize the sale of a stake in Eastern Company, the largest tobacco producer in Egypt, by the first half of 2024, sources told Daily News Egypt. The Holding Company for Chemical Industries, which owns 50.95% of Eastern Company, has received several offers from foreign investors to buy up to 30% of its share in the company. The bidders include Japan Tobacco International (JTI), United Tobacco Company, which is majority-owned by Philip Morris International, and an investor from the Arab Gulf region. The sources said that the bids of JTI and United Tobacco Company were around $700m each. Eastern Company owns about 24% of United Tobacco Company and produces various local and foreign cigarette brands in Egypt.

Source: Daily News Egypt August 29, 2023 21:12 UTC