Cairo-Mubasher: Cairo-listed cigarette producer Eastern Company (Eastern Tobacco)denied news circulating that it has sold land plot in Geziret EL Dahab.

The firm assured that it will notify the Egyptian Exchange (EGX) with any updates regarding this issue.

Previously, news reports pointed out that Eastern Tobacco seeks to sell a land plot in  Geziret EL Dahab, through an auction, for not less than EGP 50 million.

Eastern Tobacco's net profit surged 19.2% to EGP 1.08 billion in the fiscal year ended June 2014/2015.