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.
Disclaimer and Terms of Use
The data provided on any page at www.egvest.com aren't for any investment decision or taking any action of buy or sell of any asset or investments of any type; the information on this page has been obtained from sources that EGEVST believed to be reliable, we have not independently verified such information, and it may not be accurate or complete.
EGVEST.com published a delayed feed for the Egyptian stock exchange executed stocks and its leading indices through a previous contract with EGID "Egypt for Information Dissemination" the delayed feed is referred to below as "information."
The "information" displayed and published by EGVEST.com could lead to financial losses. It should be used on a personal and only personal responsibility. The "information" contains simplified mathematical calculations that clarify, simplify, and classify the "information" without using any financial valuation methods and don't represent any recommendation to buy, sell or hold financial assets.
The Data source is the Central Bank of Egypt website and on this system for display only without any analysis or recommendations
Kommentare