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BRITISH AMERICAN TOBACCO PLC

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Egypt amends tender terms for cigarette-making license -document

06/02/2021 | 01:33pm EST

CAIRO, June 2 (Reuters) - Egyptian authorities have presented an amended invitation for tobacco companies to bid for a license to manufacture cigarettes, a document seen by Reuters showed, after four firms complained the terms were too narrow.

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, according tobacco firms.

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.

Authorities also scrapped a rule saying they would not be offering any other licenses after the tender for a decade, the updated document from Egypt's Industrial Development Authority showed.

The deadline to submit offers in the amended tender is Aug. 1.

In March, the Industrial Development Authority invited companies to bid for a license. Four firms - Nakhla Tobacco Co, Imperial Tobacco, British American Tobacco and Al-Mansour International Distribution Co - complained that the winner would have an unfair advantage over its competitors. Shortly afterwards, the tender was postponed.

(Writing by Nadine Awadalla; Editing by Jan Harvey and Bill Berkrot)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH AMERICAN TOBACCO PLC 0.08% 2542 Delayed Quote.-6.17%
EASTERN COMPANY S. A. E. -0.42% 11.9 End-of-day quote.-8.74%
IMPERIAL BRANDS PLC 0.33% 1554.5 Delayed Quote.0.88%
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Sales 2021 25 597 M 34 134 M 34 134 M
Net income 2021 7 014 M 9 353 M 9 353 M
Net Debt 2021 38 418 M 51 231 M 51 231 M
P/E ratio 2021 8,16x
Yield 2021 8,57%
Capitalization 58 153 M 77 445 M 77 547 M
EV / Sales 2021 3,77x
EV / Sales 2022 3,55x
Nbr of Employees 56 689
Free-Float 85,9%
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Last Close Price 2 541,00 GBX
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Jack Marie Henry David Bowles Chief Executive Officer & Executive Director
Tadeu Luiz Marroco Executive Director & Finance Director
Luc Jobin Chairman
David O'Reilly Director-Scientific Research
Marina Fagundes Bellini Director-Digital & Information