Written by Abdel Halim Salem
Monday, March 4, 2024 06:56 PM
Sources in the tobacco and cigarette market revealed that there has been a significant decrease in cigarette prices in the parallel market during the coming period, after approving $400 million to purchase tobacco for the Eastern Company’s factories within two months..
The Ordinary and Extraordinary General Assembly of the Eastern Tobacco Company, chaired by Tamer Jadallah, part-time president, and in the presence of Hani Aman, CEO and Managing Director, agreed to conclude credit facility agreements to open documentary credits to the company’s suppliers to import tobacco and non-tobacco raw materials and production requirements in the amount of $400 million, in addition to Approval of the Board of Directors’ decisions to conclude credit agreements with foreign banks in the form of letters of guarantee in the amount of $200 million for the benefit of local banks issuing documentary credits..
The sources added that within two months, the selling prices in the markets will be the same as the prices issued by the company and written on cigarette packs, pointing out that tobacco is being imported and transported from abroad to factories to work with larger capacities and with the follow-up of the CEO and Managing Director of the company, Hani Aman.
It is noteworthy that a pack of cigarettes is sold for about 10 pounds more in the parallel market than its factory price and the official price.
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