Business & Finance

Reuters exclusively reports Egypt amends tender terms for cigarette-making licence-document

Reuters exclusively reported that Egyptian authorities have presented an amended invitation for tobacco companies to bid for a license to manufacture cigarettes, after four firms complained the terms were too narrow. Under the new terms, sent to tobacco companies on June 1, the winning bidder should agree to produce 1 billion cigarettes per year instead of 15 billion per year. The license could end a decades-old monopoly by the state-controlled Eastern Company which has a 70% market share. The cigarette industry contributes more than 60 billion Egyptian pounds ($3.8 billion) to government coffers yearly.

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Equities
Regions: Middle East
Countries: Egypt
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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