UAE’s Global Investment Holding Company has on Sunday signed an agreement to acquire 30 percent of shares in Egypt’s top cigarette maker, Eastern Company.
According to an Egyptian Cabinet statement, the agreement is worth $625 million and “is an affirmation of the government’s determination to … encourage direct private investment in various sectors,”
Egyptian Prime Minister Moustafa Madbouly, Finance Minister Mohamed Maait, and Minister of Public Enterprise Sector Mahmoud Esmat have attended the signing ceremony.
Emad El-Deen M. Khalid, executive managing director of Chemical Industries Holding Company, and UAE former Minister of State for International Cooperation Lubna Al Qasimi, representing Global Investment Holding.
The agreement aligns with the Egyptian government’s plan to offer offering state-owned stakes in companies listed on the Egyptian Exchange (EGX), aiming to boost the private sector engagement and raise hard currency.
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