UAE's Global Investment Acquires 30% of Eastern Tobacco Company

PM Mostafa Madbouly witnessed the signing ceremony of an agreement to acquire 30% of the total shares of the Eastern Company for the benefit of the Emirati company "Global Investment" Holding Limited.

The agreement was signed by Imad Al-Din Mustafa Khaled, Executive Managing Director of the Holding Company for Chemical Industries, and Sheikha Lubna Al-Qasimi, representative of Global Investments Holding Company Limited.

The Minister of Business Sector said: According to the agreement signed today, “Global Investment Holding Limited” Company will acquire 30% of the total shares of the Eastern Company in the amount of $625 million, equivalent to EGP 19.3 billion, with the buyer providing $150 million to purchase the tobacco materials needed for manufacturing.

The minister added: This deal is an affirmation of the government’s determination to see the success of the program to expand the ownership base and encourage direct private investment in various sectors.

He continued: This agreement comes in line with the current trends regarding listing state-owned companies on the Egyptian Stock Exchange with the aim of expanding the ownership base, stimulating trading on the stock exchange, enhancing investment opportunities, and benefiting from the proceeds of the stock offering in development, modernization and restructuring processes, in addition to improving the financial position of companies and achieving the greatest possible value. Of governance.

Under the agreement, the Chemical Industries Holding Company retains a 20.9% share in the capital of the Eastern Company, which is a strategic partnership that contributes to developing this industry, achieving market stability, and preserving workers’ rights.