{"id":620729,"date":"2024-05-26T00:00:00","date_gmt":"2024-05-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/the-details-of-philip-morris-eastern-company-stake-acquisition-plus-news-from-azza-fahmy-cabinet-ina\/"},"modified":"2024-05-26T00:00:00","modified_gmt":"2024-05-26T00:00:00","slug":"the-details-of-philip-morris-eastern-company-stake-acquisition-plus-news-from-azza-fahmy-cabinet-ina","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/the-details-of-philip-morris-eastern-company-stake-acquisition-plus-news-from-azza-fahmy-cabinet-ina\/","title":{"rendered":"The details of Philip Morris\u2019 Eastern Company stake acquisition. PLUS: News from Azza Fahmy, cabinet, INA"},"content":{"rendered":"<p class=\"tag-border-left\">M&amp;A-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Eastern Company outlined Philip Morris\u2019 position in the company\u2019s <\/strong><strong>shareholder<\/strong><strong> structure <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab73b9e2-68ca-40d4-a968-98b5513b3243\/philip-morris-snaps-up-14.7%2525-stake-in%253cmark%253e-eastern-company%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">following<\/a><\/strong><strong> stake acquisition<\/strong>, which saw the American tobacco giant acquire an indirect 14.7% stake in the state-owned cigarette maker, in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1949.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The who\u2019s who of who owns what: <\/strong>Philip Morris snapped up 49% of the UK-registered UK Egypt Investments Holding Limited, the sole owner of Global Investment Holding, which in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d42b0c32-513b-4c59-9cd3-ee95c9515f06\" style=\"\" rel=\"noopener\">October acquired 30%<\/a> of Eastern Company in a USD 625 mn transaction. The remaining 51% is owned by the UAE\u2019s Ruby Ventures FZC.<\/p>\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Croatia\u2019s<\/strong><strong>INA mulls expanding its investments in Egypt:<\/strong> Croatian energy producer INA is considering carrying out upstream acquisitions in Egypt as part of its plans of investing up to USD 400 mn annually in the coming years, INA management board head Zsuzsanna Ortutay told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-23\/ina-to-spend-400-million-a-year-on-croatia-refinery-renewables?embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The company\u2019s current investments in Egypt include stakes in four production concessions and one <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/093d7eb2-1945-4055-b76c-b6543e8668f7\" style=\"\" rel=\"noopener\">exploration<\/a> concession.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Italy pushes for SAF cooperation with Egypt: <\/strong>Italy\u2019s Maire Tecnimont wants to partner with an Egyptian oil company as it looks to kick off sustainable aviation fuel (SAF) tests at an Italian airport, according to an Oil Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02NSVyXLGpmQ3NMtUoDSD15uBDiMR18SeguWnh5MxXSaKVzedjurp8TX5N84st3hDyl\" style=\"\" rel=\"noopener\">statement<\/a>. This came during a meeting between Oil Minister Tarek El Molla and a number of Italian officials, including a Maire Tecnimont delegation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>State-owned firm Egyptian Petrochemicals Holding Company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c849562a-fe0a-4834-bd58-a70afd76a754\/egypt-could-start-producing-sustainable-aviation-fuel-in-2025\" style=\"\" rel=\"noopener\">should kick off a<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c849562a-fe0a-4834-bd58-a70afd76a754\/egypt-could-start-producing-sustainable-aviation-fuel-in-2025\" style=\"\" rel=\"noopener\">project<\/a> to produce the country\u2019s first SAF in 2025. US multinational conglomerate Honeywell is currently working on the feasibility study for the project. <\/p>\n<p class=\"tag-border-left\">RETAIL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Azza Fahmy expands in the Gulf: <\/strong>Artisanal jewelry company <a target=\"_blank\" href=\"https:\/\/eg.azzafahmy.com\/eg\/\" style=\"\" rel=\"noopener\">Azza Fahmy<\/a> will open a new branch in Saudi Arabia in partnership with Mediterranean-focused investment fund Bidayat, Azza Fahmy CEO Fatima Ghaly told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%81%d8%b1%d8%b9-%d8%ac%d8%af%d9%8a%d8%af-%d9%84%d9%80%d8%b9%d8%b2%d8%a9-%d9%81%d9%87%d9%85%d9%89-%d9%81%d9%89-%d8%a7%d9%84%d8%b3%d8%b9%d9%88%d8%af%d9%8a%d8%a9-%d8%a8%d8%a7%d9%84%d8%aa\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. Azza Fahmy is pursuing a local and regional expansion plan with an eye on the Gulf, Ghaly added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Azza Fahmy and Bidayat are old friends: <\/strong>Back in 2022, the investment fund <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03b97c3e-5c66-4f30-b023-4c0b142ab125\/fund-run-by-rachid-mohamed-rachid-acquires-minority-stake-in%253cmark%253e-azza-fahmy%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">acquired an<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03b97c3e-5c66-4f30-b023-4c0b142ab125\/fund-run-by-rachid-mohamed-rachid-acquires-minority-stake-in%253cmark%253e-azza-fahmy%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">undisclosed minority stake<\/a> in the jewelry brand through a capital increase. <\/p>\n<p class=\"tag-border-left\">LEGISLATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new education council:<\/strong> The cabinet has greenlit a draft law to form the National Council for Education, Research, and Innovation that will outline and develop education policies, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02DxqVaA6Z5shoNquCvXZALxPmvqtpY1sn8yDm1Be5MzriPw7tqSTp4Nfxoz12kTGtl\" style=\"\" rel=\"noopener\">cabinet statement<\/a>. The council will be headed by Prime Minister Moustafa Madbouly and be made up of relevant government officials, specialists, and businessmen.<\/p>\n<p class=\"tag-border-left\">TRANSPORT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Spain to play a larger role in Egypt\u2019s railway system:<\/strong> Transport Minister Kamel El Wazir met with his Spanish counterpart Oscar Puente last week and agreed to form a working group to explore Spain's state-owned railway company Renfe managing and operating trains in Egypt, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0RCPHRG73LAQhECz8s1koTrexrzQTVMzeVpoz6ayhrjy5MJcZrGiEkohay8qYZD8Ql\" style=\"\" rel=\"noopener\">statement<\/a> from the Transport Ministry. The two ministers also discussed plans to further localize the production of trains in Egypt by expanding the operations of Spanish firms in Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Philip Morris snapped up 49% of the UK-registered UK Egypt Investments Holding Limited, the sole owner of Global Investment Holding<\/p>\n","protected":false},"author":1,"featured_media":620730,"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":[7209],"tags":[111,2716,247,73,93,72,180,7128,91,1730,7101,8406,7401,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-azza-fahmy","tag-eastern-company","tag-education","tag-energy","tag-enterpriseam","tag-legislation","tag-ma-watch","tag-oil-and-gas","tag-philip-morris","tag-railways","tag-saf","tag-tobacco","tag-transport","wpautop","entry"],"acf":{"mongo_id":"a7073f2f-9d72-4461-bd95-59e77a8dd19e","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1992.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The details of Philip Morris\u2019 Eastern Company stake acquisition","related_issue":[620704],"teaser":"Philip Morris snapped up 49% of the UK-registered UK Egypt Investments Holding Limited, the sole owner of Global Investment Holding","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.21890522-1660-42d1-82e8-4dac432493aa.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The details of Philip Morris\u2019 Eastern Company stake acquisition. 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