Chemical Industries Holding Company S.A.E. (CIHC) has received offers from foreign investors to acquire not more than 30% of its 50.95%-stake in Eastern Company S.A.E (CASE:EAST), according to a disclosure sent to the Egyptian Bourse on August 22nd, 2023. These offers are still being studied and an announcement will be made once choosing the best offer. A day earlier, it was reported that the United Tobacco Company, LLC(UTC), a subsidiary of the US' Philip Morris International, is negotiating with the Egyptian government to buy a minority stake in Eastern Company.

The tobacco maker is also 7.25%-owned by the South African investment management firm Allan Gray, and the union of shareholding workers owns 5.25%.