Egyptians consumed 1.68 billion Egyptian pounds ($362 million) worth of cigarettes from July 2001 to March 2002, EP 95 million more than figures from the same period in the previous year, confirmed Egypt's cigarette manufacturing monopoly, Eastern Tobacco Company (ETC).
Established in 1920, Eastern Tobacco was merged in 1984 with the El Nasr Tobacco Company, to from the existing ETC. It is the sole manufacturer of cigarettes in Egypt. Domestic cigarette brands comprise over 95 percent of ETC's production, with the Cleopatra brand dominating the market.
The remaining five percent consists of foreign brands, produced under authority from 14 international cigarette manufacturers. The company’s products also include water pipe tobacco, pipe tobacco, rolling tobacco, chewing tobaccos and cigars.
The Egyptian government had slated ETC for privatization last year, seeking to divest another 15 percent stake in the state-run company. However, although tobacco multinationals Philip Morris and British American Tobacco had shown interest in becoming ETC’s strategic investors, no formal bids were ultimately submitted. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
