UAE’s Global Investments Holding acquires 30% stake in Eastern Company for Tobacco ...Egypt

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UAE’s Global Investments Holding acquires 30% stake in Eastern Company for Tobacco
source : EGYPT INDEPENDENT ( Egypt ) () 44
The UAE’s Global Investments Holding company has agreed to acquire 30 percent of the total shares of the Eastern Company for Tobacco. Under the agreement, Global Investments will acquire 30 percent of the total shares of the Eastern Company for US$625 million – equivalent to LE19.3 billion – Business Sector Minister Mahmoud Esmat announced. The buyer has provided $150 million to purchase the tobacco materials necessary for manufacturing, he added. He explained that this deal affirms the government’s determination to continue its IPO program to encourage direct private investment in various sectors. The agreement also comes in line with current trends regarding listing state-owned companies

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