CAIRO – 22 November 2017: Eastern Co SAE (EAST) stock closed at LE 334.76, registering a five percent hike, equal to LE 16.63 comparing to Thursday’s transactions.
The EAST’s stock rise was attributed to the potential increase announced Tuesday after the parliament approved raising taxes on cigarettes and tobacco. It is thought that the company will make more profits.
The Parliament approved Tuesday a draft law submitted by the government to amend the Value-Added Tax (VAT) Law so as to increase cigarettes and hookah prices.
In July, Eastern Company raised the prices of three cigarette brands by 4.2 – 17.6 percent (LE 0.50 – LE 2.25, $0.028 – $0.126).
In December 2016, the price of Merit, Marlboro and LM cigarettes rose by 10 percent; equal to LE 20 per cartridge and LE 2 per pack.
The new prices are set as follows:
•LE 3.5 increase for cigarette packs priced up to LE 18
•LE 5.5 increase for cigarette packs priced between LE 18-30
•LE 6.5 increase for cigarette packs priced above LE 30