Eastern Co
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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.
Source:
Mubasher