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Eastern Tobacco sells land plot for EGP 9.5m

Eastern Tobacco sells land plot for EGP 9.5m
Photo Credit: Arabianeye-Reuters
Eastern Co
EAST
-0.37% 27.00 -0.10

Egypt’s cigarette manufacturer Eastern Company (Eastern Tobacco) has sold a land plot for EGP 9.5 million to El-Fatemeya for Trade and Distribution Co. through a sealed-bid auction, the company said in a bourse statement.

Eastern Tobacco recently raised its prices after the Egyptian government imposed a new set of tax hikes on both local and imported cigarettes, citing a need to lower the budget deficit.

The company’s net profits stood at EGP 586 million for the first half of the fiscal year 2014/15.

The company is capitalised at EGP 750 million, divided into 50 million shares at EGP 15 par value each.