(BUSINESS WIRE)--Philip Morris International (PMI) today announces the acquisition of a minority indirect stake (14.7%) in Egypt-based Eastern Company (EAST.CA), Egypt’s largest cigarette manufacturer which also includes cigars and pipe tobacco, among others, in their portfolio.

As part of this acquisition, PMI and Eastern seek to explore, on a non-exclusive basis, potential strategic areas for mutual long-term collaboration, in the fields of technology, manufacturing, and innovation, including heated tobacco products, paving the way to a path towards a smoke free future in Egypt.

“We look forward to exploring potential areas of cooperation with Eastern, including opportunities to provide adult smokers in Egypt with better options than cigarettes,” said Fred de Wilde, President South & Southeast Asia, Commonwealth of Independent States and Middle East and Africa.