• June 12, 2024

Egypt Amends Invitation for Tobacco Bid

 Egypt Amends Invitation for Tobacco Bid

Authorities in Egypt have issued an amended invitation for tobacco companies to bid for a license to manufacture cigarettes, according to Reuters. The amended invitation follows complaints that the terms of the license previously offered were too narrow.

The state-controlled Eastern Co. currently holds a 70 percent market share, and this new bid for license could end the company’s monopoly.

Under the amended terms, the winning bidder would produce 1 billion cigarettes per year as opposed to 15 billion cigarettes per year. The updated terms also removed a rule stating any other licenses would not be offered after the tender for a decade.

The deadline for the amended bid is Aug. 1.