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A 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)
