Philip Morris International has acquired an indirect minority stake of 14.7% in Eastern Company.

This figure represents 49% of the stake previously acquired by the UAE’s Global Investment Holding, Eastern Company’s Managing Director Hany Aman told Asharq Business.

Last November, Egypt announced that UAE’s Global Investment Holding purchased 699 million shares in Eastern Company at EGP 24.52 per share, amounting to $625 million.

This transaction was part of a broader program to sell state assets aimed at reforming the economy.

Philip Morris aims to explore, on a non-exclusive basis, potential strategic areas for long-term mutual cooperation in technology, manufacturing, and innovation, including heated tobacco products.

Additionally, they plan to discuss potential areas of cooperation with Eastern Company, including opportunities to offer better cigarette choices to adult smokers in Egypt.

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