The UAE investment firm, Global Investment Holding, has purchased a 30% stake in Eastern Company, Egypt’s largest tobacco company, for $625 million, according to media reports.
The investment firm will also provide Eastern Company with US$150 million for buying raw materials for manufacturing, according to an official statement.
Egypt had reached agreements with investors including Abu Dhabi wealth fund ADQ to sell stakes in a number of companies for a total amount worth US$1.9 billion.
The agreement aligns with the government’s current policy of encouraging direct foreign investment in the private sector.
The Eastern company recently announced that its sales went up by 14 percent to LE14.6 billion in the third quarter of 2022/2023, compared with LE12.78 billion during the same period last fiscal year.
1 USD= 30.8EGP
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