According to Ahram Online on July 29, The board of directors of Egypt's state-owned tobacco manufacturer Orient Company (EAST.CA) has approved the sale of the land, buildings and currently leased equipment of Plant No. 9 to United Tobacco Company (UTC), a subsidiary of U.S. -based Philip Morris International (PMI), for 1.584 billion Egyptian pounds ($32.61 million).

In a statement issued by the company to the Egyptian Exchange, the transaction amount is the average of three valuations provided by a valuation company certified by the Central Bank of Egypt (CBE).

If the Industrial Development Board's approval is not obtained or if either party fails to comply with the terms of the contract, the contract will be terminated unless otherwise agreed by both parties, the statement said.

In addition, the contract grants UTC a waiver of the remaining annual rental value paid under the lease contract, which expires on April 26, 2026.

The statement also noted that permission to enter the swap contract had been granted.

PMI announced in May 2024 that it had indirectly acquired a 14.7% minority stake in the company.