Gad Allah added that during the state's repeated offering of its shares, no tobacco company came forward to buy a stake, except for an Emirati company that invested in the last offering in 2019 and managed to obtain 1%.
The acquisition involves taking over a 30% stake in Eastern Company.
According to the statement, Global Investment Holding purchased the 30% stake in Eastern Company for $625 million (EGP 19.336 billion)
Saudi Arabia and the UAE dominated the annual ranking with 37 and 20 companies, while Egypt saw 6 companies on the lineup
Currently, government-controlled tobacco product manufacturer Eastern Company holds a decades-long monopoly on the industry
