UAE firm takes 30% stake in Egypt tobacco company for $625mln

UAE firm takes 30% stake in Egypt tobacco company for $625mln

UAE firm takes 30% stake in Egypt tobacco company for $625mlnWORLDMiddle EastAfricaIndian Sub-continentChina and Asia Pacific UK and EuropeAmericasRussiaECONOMYGlobalGCCAfricaLevantNorth AfricaISLAMIC ECONOMYIslamic FinanceIslamic BusinessIslamic Finance ReportsIslamic Finance GlossaryBUSINESSAviationBanking & InsuranceCareersEducationEnergyFintechHealthcareHospitalityManufacturingReal EstateRetail & ConsumerTechnology and TelecomTransport and LogisticsTravel and TourismSMEsFinance MarketingTechnologyLegalPeopleMARKETSCommoditiesCurrenciesEquitiesFixed IncomeWEALTHAlternative InvestmentsFundsWealth ManagementSustainabilityLEGALCrime and SecurityImmigrationPolicy RegulationsLIFECultureEntertainmentFoodHealthLeisure & TravelSportsOPINIONBusiness InsightsPROJECTSBRIConstructionIndustryMiningOil & GasUtilitiesSPECIAL COVERAGERamadan and Eid 2023COP 28: Talking Climate in UAEUAE Realty MarketThe Future of CryptosFocus: Global Wealth FundsRussia-Ukraine CrisisMULTIMEDIAGalleriesVideosPRESS RELEASE Companies NewsGovernment NewsPeople in the NewsResearch & StudiesEvents and ConferencesAfrica Press ReleasesAsia Press ReleasesHome page>MARKETS>Equities>UAE firm takes 30% stake...PHOTOA UAE investment firm, Global Investment Holding Ltd., has bought a 30% stake in Egypt’s largest tobacco company for $625 million, Bloomberg reported citing the Egyptian government.Global Investment Holding will also provide Eastern Company with $150 million for the purchase of raw materials for manufacturing, the report said citing an Arabic-language statement on a government Facebook page.In July, Egypt had reached agreements with investors including Abu Dhabi wealth fund ADQ to sell stakes in a number of companies for a total of $1.9 billion.(Writing by Brinda Darasha; editing by Seban Scaria)[email protected]: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability,