Philip Morris Denies Plans for Egypt’s Eastern Tobacco Takeover

Philip Morris International (PMI) denied any plans to acquire Egypt’s cigarette monopoly Eastern Tobacco (EAST.CA). It added that Egyptian law regulations prohibit private tobacco producers from owning or acquiring local tobacco plants. 

Philip Morris also said its share in the local market reached 25.5% at the end of September, which shows that the Egyptian promising market can attract more investments.