Cairo – Mubasher: Eastern Company said Wednesday that it has signed a deal to amend some articles of the manufacturing and printing agreements with Philip Morris International.
The company’s extraordinary general meeting (EGM) has approved to change the payment currency to the Egyptian pound from the US dollar, due to the flotation of the local currency, according to a bourse filing.
Eastern Company’s receivables with Philip Morris amounted to about $105 million by the end of February 2017.
Eastern Company manufactures global commercial brands for four foreign companies in Egypt, namely Philip Morris, British American Tobacco, Imperial, and Japan’s J.T.I. These companies’ contracts are renewed annually.
