The Egyptian government agreed last year to privatize state assets, boost exports and increase foreign direct investment in exchange for a $3 billion loan from the IMF.
Egypt has sold a stake in
tobacco products maker Eastern Co in its first foreign
sale of a major state asset since it agreed to a privatisation
programme with the IMF last December. The.
Egypt sells stake in tobacco firm Eastern Co to UAE company biztoc.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from biztoc.com Daily Mail and Mail on Sunday newspapers.
Cigarette prices have risen in Egypt's local market by an average of three pounds per pack, according to the head of Chamber of Commerce's Tobacco Division Ibrahim Imbaby.
The Eastern Company for Tobacco (EETC), Egypt's biggest tobacco company, has taken an urgent decision to increase cigarette production by 40 percent which will be distributed to local markets.