Egyptian tobacco distributors can hike prices by up to 12%

Gov’t greenlights cigarette price hike: Tobacco distributors got the government’s approval to hike prices by up to 12%, according to a document seen by Enterprise. State-owned tobacco giant Eastern Company said it will raise its prices by a lot less than the 12% cap, the company’s CEO Hany Aman told Asharq Business.

Remember: Tobacco distributor Al Mansour International Distribution Company, Philip Morris, and Eastern Company all hiked their prices earlier this year.

INVESTMENT-

#1- Post for Investment has a new asset management arm in the works: Egypt Post’s investment arm Post for Investment (PFI) will launch a new asset management company dubbed PFI Asset Management focused on stocks, fixed-income securities, and specialized funds in Egypt, PFI managing director and CEO Ahmed Ali Abdelrahman told Asharq Business. The company aims to manage EGP 5 bn-worth of assets within a year of launching, Abdelrahman added.

What’s next? The company has already received initial approval for obtaining a license and is expecting to receive the final greenlight this quarter.

** We sat down with Abdelrahamn last month for a special Ramadan edition of My Morning Routine. Check it out here.

#2- Al Gaweesh Group absorbs subsidiaries: Homegrown investment company Al Gaweesh Group subsidiaries Green Modeling Contracting, LARZ Developments, Green Modelling Power Solutions, Integrated Solutions Consultancy, Kreemers, POV, and Marble will now be consolidated under the Al Gaweesh Group name, the group said in a statement (pdf).