Eastern to acquire 24% of Egypt’s second tobacco manufacturer

It’s official: Eastern will acquire a quarter of Egypt’s second tobacco manufacturer after the company’s general assembly approved the EGP 100 mn purchase of a 24% stake in Philip Morris’ United Tobacco, according to a disclosure to the EGX(pdf).

United will soon be Egypt’s second cigarette manufacturer: The acquisition is part of the Philip Morris subsidiary’s agreement with Eastern Company to locally manufacture cigarettes. United Tobacco was the only company to bid in last year’s tender after other companies complained that the conditions of the tender would establish a monopoly over the local market.