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Philip Morris International acquires 14.7% of Eastern Company

Philip Morris International acquires 14.7% of Eastern Company
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Eastern Co
-5.28% 17.05 -0.95

Cairo – Mubasher: Philip Morris International (PMI) has acquired a 14.70% stake in Eastern Company.

The two companies also signed a nonexclusive letter of intent (LOI) to explore potential strategic areas for mutual long-term collaboration, in the fields of technology, manufacturing, and innovation, including heated tobacco products, according to a press release.

Fred de Wilde, President of South & Southeast Asia, Commonwealth of Independent States and Middle East and Africa at PMI, said: "We look forward to exploring potential areas of cooperation with Eastern, including opportunities to provide adult smokers in Egypt with better options than cigarettes.”

In September 2023, UAE-based Global Investment Holding bought a 30% stake in Eastern Company for $625 million.

Eastern Company’s net profit dropped to EGP 2.89 billion during the first half (H1) of the fiscal year (FY) 2023/2024 from EGP 3.48 billion in the corresponding period a year earlier.