UAE company purchases 30% stake in Eastern Company, Cabinet

Ahead of expectations, the UAE’s Global Investment Holding Company has acquired 30 percent of Egypt’s Eastern Company, according to an official cabinet statement.

Sources told local media last week that the Egyptian government expected to finalize the sale of a stake in Eastern Company, the largest tobacco producer in Egypt, by the first half of 2024.

Global Investment Holding purchased the 30 percent stake in Eastern Company for $625 million (LE 19.336 billion), with the agreement stipulating that the buyer would provide $150 million to purchase the tobacco materials needed for manufacturing.