{"id":610196,"date":"2023-11-16T00:00:00","date_gmt":"2023-11-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/tobacco-distributors-file-antitrust-complaint-against-eastern-and-its-new-uae-shareholder\/"},"modified":"2023-11-16T00:00:00","modified_gmt":"2023-11-16T00:00:00","slug":"tobacco-distributors-file-antitrust-complaint-against-eastern-and-its-new-uae-shareholder","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/tobacco-distributors-file-antitrust-complaint-against-eastern-and-its-new-uae-shareholder\/","title":{"rendered":"Tobacco distributors file antitrust complaint against Eastern and its new UAE shareholder"},"content":{"rendered":"

There are signs of unrest in our local tobacco industry: <\/strong>The Egyptian Competition Authority (ECA) has received a complaint from tobacco distributors JTI-Nakhla and Al Mansour International Distribution Company (AMIDC). The complaint alleges that state-owned tobacco manufacturer Eastern Company and its new majority shareholder Global Investment Holding (GIH) are engaging in monopolizing practices, a senior government official told Enterprise on condition of anonymity.<\/p>\n

JTI-Nakhla and AMIDC think they\u2019re unfairly being pushed out of the market: <\/strong>JTI-Nakhla, the local arm of Japan Tobacco International, and AMIDC accuse Eastern Tobacco of blocking them agreeing to new contracts (or renewing old ones) to have Eastern manufacture their cigarettes, according to our source.<\/p>\n

Why this matters: <\/strong>Eastern Company and Philip Morris\u2019 local subsidiary, United Tobacco, are the only licensed tobacco manufacturers in Egypt. Other companies in the local market that sell cigarettes either import them from abroad or enter into operation contracts with Eastern, which manufactures their cigarettes for them.<\/p>\n

Eastern playing ball has never been more important: <\/strong>Tobacco distributors\u2019 reliance on Eastern Company has increased with new amendments to cigarette tax laws passed<\/a> earlier this month, according to our source at the ECA. The new law bans the import of middle-range cigarettes that many tobacco companies focus on, meaning that JTI-Nakhla and AMIDC have no other choice but to manufacture those product lines locally.<\/p>\n

ICYMI: <\/strong>This isn\u2019t the first time JTI-Nakhla and AMIDC have alleged monopolistic practices. The two had twice boycotted<\/a> a tender offering up the rights to become our second licensed tobacco manufacturer, citing concerns about monopolistic practices and what they claimed were unfair tender conditions.<\/p>\n

Our two tobacco manufacturers are connected at the hip: <\/strong>The UAE\u2019s Global Investment Holding became Eastern\u2019s largest shareholder in September after it bought<\/a> a 30% stake from the government\u2019s Holding Company for Chemical Industries for USD 625 mn. Unconfirmed local media reports also claimed<\/a> that GIH is part-owned by an investor in the country\u2019s other tobacco manufacturer, United Tobacco. Eastern Company acquired<\/a> a 24% stake in United Tobacco in May 2022 as part of an agreement that would allow the Philip Morris subsidiary to become the second company to locally manufacture tobacco products.<\/p>\n

IT\u2019S BEEN AN EVENTFUL WEEK FOR EASTERN-<\/strong><\/p>\n

It\u2019s earnings season: <\/strong>EGX-listedEastern Company saw its new revenue fall 32.5% to EGP 3.1 bn in 1Q FY2023 from EGP 4.6 bn in the same period last year, according to earnings release (pdf)<\/a> out on Tuesday. Net income fared slightly better and dropped 20.0% y-o-y in the quarter to EGP 1.1 bn from EGP 1.4 bn.<\/p>\n

Market reax: <\/strong>Eastern Company shares fell 2.0% to close at EGP 27.7 on Wednesday after it released its earnings.<\/p>\n","protected":false},"excerpt":{"rendered":"

Eastern is allegedly refusing to manufacture their products<\/p>\n","protected":false},"author":1,"featured_media":610197,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[1978,247,72,11777,1730,7401,1971],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-competition-watch","tag-eastern-company","tag-enterpriseam","tag-global-investment-holding","tag-philip-morris","tag-tobacco","tag-united-tobacco","wpautop","entry"],"acf":{"mongo_id":"a10ebd21-5cfa-496b-a2ba-6fa13d186cbf","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/331.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Tobacco distributors file antitrust complaint against Eastern and its new UAE shareholder","related_issue":[610191],"teaser":"Eastern is allegedly refusing to manufacture their products","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.4b624eef-f5f2-4517-a0bc-59ef8a1eb5e4.mp3"},"yoast_head":"\nTobacco distributors file antitrust complaint against Eastern and its new UAE shareholder - 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Four major tobacco distributors\u2026","rel":"","context":"In "COMPETITION WATCH"","block_context":{"text":"COMPETITION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/competition-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/295.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562706,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/03\/the-tobacco-license-tender-may-be-back-on-again\/","url_meta":{"origin":610196,"position":1},"title":"The tobacco license tender may be back on again","author":"enterpriseam admin","date":"3 June 2021","format":false,"excerpt":"Revised terms for the license to establish Egypt\u2019s second major tobacco company have been handed to four local tobacco companies, according to a document seen by Reuters. The conditions booklet for the tender \u2014 which is set to end Eastern Tobacco\u2019s historical monopoly over the sector \u2014 has been redrafted\u2026","rel":"","context":"In "COMPETITION WATCH"","block_context":{"text":"COMPETITION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/competition-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/46.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553523,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/tobacco-tender-is-back-on\/","url_meta":{"origin":610196,"position":2},"title":"Tobacco tender is back on","author":"enterpriseam admin","date":"7 December 2021","format":false,"excerpt":"Bringing a new tobacco competitor into the market, take three: The Industrial Development Authority (IDA) has relaunched a tender for a license to manufacture cigarettes, potentially ending the historical monopoly by state-owned Eastern Company, Masrawy reports. The license would allow for the establishment of Egypt\u2019s second major tobacco company, entering\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/243.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561186,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/29\/the-latest-on-eastern-co\/","url_meta":{"origin":610196,"position":3},"title":"The latest on Eastern Co.","author":"enterpriseam admin","date":"29 March 2021","format":false,"excerpt":"New, more competitive terms for the license to establish Egypt\u2019s second major tobacco company could be introduced after several tobacco players filed a formal complaint with the Federation of Egyptian Industries\u2019 tobacco division. The complaint looks to scrap the conditions booklet the Industrial Development Authority (IDA) had issued for the\u2026","rel":"","context":"In "COMPETITION WATCH"","block_context":{"text":"COMPETITION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/competition-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554088,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/20\/tobacco-tender-boycott-take-two\/","url_meta":{"origin":610196,"position":4},"title":"Tobacco tender boycott, take two?","author":"enterpriseam admin","date":"20 December 2021","format":false,"excerpt":"Three major tobacco companies have reportedly chosen not to bid for a license to manufacture cigarettes: International tobacco producers JTI-Nakhla Tobacco, British American Tobacco Egypt and Al Mansour International Distribution Company will not be taking part in the renewed tender from the Industrial Development Authority (IDA), Akhbar El Youm reports.\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/399.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558237,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/02\/good-news-for-fdi-watchers\/","url_meta":{"origin":610196,"position":5},"title":"Good news for FDI watchers","author":"enterpriseam admin","date":"2 August 2021","format":false,"excerpt":"Tobacco giant Philip Morris is among several tobacco companies with local operations that are said to be interested in bidding for a license to set up Egypt\u2019s second tobacco company, Federation of Egyptian Industries\u2019 (FEI) cigarettes division Head Ibrahim Embaby told Al Mal. The period during which companies could submit\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/51.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=610196"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610196\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/610191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/610197"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=610196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=610196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=610196"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=610196"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=610196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}