Philip Morris International has acquired a 14.7% stake in Egypt's largest cigarette maker, Eastern Company. This acquisition is part of an IMF-led privatization initiative, as Egypt faces a shortage of hard currency and pressure from creditors such as the UAE. Experts warn that this privatization could lead to increased tobacco consumption in one of the world's few growing cigarette markets.
How Philip Morris quietly secured major stake in Egypt tobacco market with IMF-led privatisation. Read our latest investigation with @examinationnews and @OCCRP ⤵ https://t.co/Da6rbJDFgx
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Philip Morris International acquires 14.7% stake in #Egypt’s largest #cigarette maker Eastern Company Read more: https://t.co/PpVhE7Y6O1 https://t.co/OGRF3I0WMI
.@examinationnews' and @OCCRP's reporting shows that Egypt, beset by a shortage of hard currency, bowed to pressure from the IMF and creditors like the UAE to privatize a jewel of its state-owned holdings: the tobacco market. Here's how 👇 https://t.co/Da6rbJDFgx
Philip Morris buys 14.7% stake in Egypt's Eastern Company https://t.co/IrxqTywuBd https://t.co/xV2R4oiFwU
Egypt is one of the world’s few growing cigarette markets. With Philip Morris now gaining a stake in the market, experts warn privatisation will drive up tobacco consumption. Read our latest investigation with @examinationnews and @OCCRP ⬇ https://t.co/Da6rbJDFgx
How Philip Morris quietly secured major stake in Egypt tobacco market with IMF-led privatisation. Read our latest investigation with @examinationnews and @OCCRP ⬇ https://t.co/Da6rbJDFgx