Cairo – Mubasher: Pharos Research on Wednesday maintained its overweight recommendation for Eastern Co., with a fair value of EGP 14.6 per share.

The company is expected to see profit growth for the first quarter of 2019 due to the decline in the prices of polypropylene, Pharos added.

Earlier today, Eastern Co., Egypt's monopoly cigarette maker, implemented both its private placement and initial public offering (IPO) on the Egyptian Exchange (EGX), with a total value of EGP 1.72 billion.

The EGX-listed company posted a 12.6% year-on-year decrease in its net profits for the first half of fiscal year 2018/2019, recording EGP 2.02 billion.