Exclusive | Philip Morris’ investment in Eastern Company Signals Promise for Cooperation: Aman
Updated 5/23/2024 1:26:00 PM
Arab Finance: Philip Morris International’s recent acquisition of an 14.7% indirect minority stake in Eastern Company marks a significant opportunity for cooperation between the two largest cigarette makers in the region, Chairman of Eastern Company Hani Aman said.
Aman told Arab Finance that this cooperation with Philip Morris will result in the inclusion of new products in a new way, and will be an opportunity for strategic cooperation in the future.
Regarding the new form of ownership of Eastern Company, he revealed that the ownership structure of the company has not changed with this new acquisition, indicating that the most prominent aspects of cooperation during the coming period focus on the field of heated tobacco, in which Philip Morris has great experience.
Philip Morris International acquired an indirect minority stake of 14.7% in the Eastern Company, the largest tobacco maker in Egypt.
Last November, Egypt announced that UAE's Global Investment Holding bought 699 million shares in Eastern Company for EGP 24.52 per share, with a total value of $625 million.
Through this step, Philip Morris seeks to explore potential strategic areas for long-term mutual cooperation in the areas of technology, including heated tobacco products, This, in addition to examining potential areas of cooperation with Eastern Company, including the provision of better cigarette choices to adult smokers in Egypt.
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