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Eastern Company Announces Ownership and Strategic Partnership Changes

Source: Company Disclosure to EGX


Eastern Company (EAST) has announced significant changes in its ownership structure and strategic partnerships. Global Investments Holding Ltd, which holds a 30% stake in Eastern Company, is entirely owned by UK Egypt Investments Holding Limited, a British entity. Previously, UK Egypt Investments Holding Limited was fully owned by Ruby Ventures FZC, an Emirati company.


As of May 22, 2024, UK Egypt Investments Holding Limited is now 51% owned by Ruby Ventures FZC and 49% owned by Philip Morris Products S.A, a Swiss entity. This change means that Philip Morris now indirectly holds a 14.7% minority stake in Eastern Company.


In addition to this ownership change, Eastern Company and Philip Morris International (PMI) have signed a nonexclusive Letter of Intent (LOI). This LOI aims to explore potential long-term strategic collaborations in areas such as technology, manufacturing, and innovation, including the development of heated tobacco products. This partnership is part of a broader effort to move towards a smoke-free future in Egypt.





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