Philip Morris’ UTC in talks over acquiring minority stake in Eastern Company
Updated 8/21/2023 7:34:00 AM
Arab Finance: The United Tobacco Company (UTC), a subsidiary of the US' Philip Morris International, is negotiating with the Egyptian government to buy a minority stake in Eastern Company (EAST), two unnamed official sources told Asharq Business on August 21st.
In 2019, Egypt sold up to 4.5% of its shares in Eastern Company for $180 million.
The tobacco maker is 51%-owned by the Chemical Industries Holding Company, 7.25%-owned by the South African investment management firm Allan Gray, and the union of shareholding workers owns 5.25.
The rest of Eastern Company’s shares are being traded on the Egyptian Exchange (EGX).
Established in 1920, the company manufactures tobacco products, such as cigarettes, cigars, pipe tobacco, and molasses tobacco (Moassels), as well as other related products, such as cigarettes’ filter rods and homogenized tobacco.
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