Latest news with #EasternCompany
Zawya
21-07-2025
- Business
- Zawya
Egypt: Eastern Company sets new prices for cigarette products
Arab Finance: Eastern Company's board has approved new prices for its cigarette products, effective as of Friday, July 18, according to a statement. Under the updated price list, all 20-cigarette Cleopatra packs, including Cleopatra King Size, Cleopatra Box, Cleopatra Soft Queen, Cleopatra Black Label, Cleopatra Super, and Matossian Super, will now be sold for EGP 44. The price of both Boston and Belmont 20-cigarette packs has also been set at EGP 44. Meanwhile, Mondial red, blue, and silver packs, as well as Mondial Switch mint and blueberry packs, are all priced at EGP 44. This decision comes as per the provisions of the amended value-added tax (VAT) law no.177 of 2023 and the comprehensive medical insurance system law no.2 of 2018. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Egypt Independent
19-07-2025
- Business
- Egypt Independent
New cigarette price list after the increase in Egypt
The Eastern Company officially announced implementing new prices for Egyptian cigarettes, leaving many to wonder as to when these would be implemented. Date of implementation The Eastern Company officially announced the adoption of a new price list for local cigarettes, effective Friday, July 18. This step comes as part of the company's efforts to implement the value-added tax law and the comprehensive health insurance system, while maintaining market stability and providing products at fair prices. New Cigarette Prices The decision was made during the company's Board of Directors meeting No. (11) of 2025, held on Thursday, July 17, which approved unifying the retail price of a pack of cigarettes to consumers at LE 44. This includes all of the company's most popular products in the Egyptian market. Cigarettes included in the new price range (LE 44): Cleopatra King Size Cleopatra Soft Queen Cleopatra Box Cleopatra Super Boston/Lemont Mondial (red, blue, and silver) Mondial Switch (Menthol – Blueberry) Cleopatra Black Label Matossian Super The Eastern Company explained that the merchant's profit margin varies depending on the type of product, ranging between LE0.050 and LE0.250 per package – ensuring a balance between the rights of the consumer and the merchant. The company urged all consumers to adhere to the official announced price and requested them to report any price violations by contacting the relevant regulatory authorities. Eastern Company previously announced on November 5, 2024, a new cigarette price list for all of the company's products, including Cleopatra cigarettes and other brands, in accordance with the provisions of Value Added Tax Law No. 177 of 2013.
Mada
01-07-2025
- Business
- Mada
Eastern Company suspends social insurance for workers in latest punitive action after union refused to sell shares
Six workers at the Eastern Company for tobacco manufacturing found that their social insurance files were closed last week without any formal notice of dismissal, two of the affected workers told Mada Masr. The six workers have faced punitive action from the company, including being barred from the company premises and suspended from work in the wake of the workers union refusing to sell its shares to an anonymous investor in February. One of the workers said they visited the insurance office in 6th of October City to inquire about the termination and were told by a staff member that the file had been closed at the request of the company. When asked, the official refused to explain the company's justification in defiance of the legal obligation for them to do so. MP Ehab Mansour, deputy chair of the parliamentary Labor Committee, told Mada Masr that barring the workers from company premises and then closing workers' insurance files without their consent — and without their signing Form 6, the official government document used to terminate social insurance coverage — amounts to 'forgery.' Under the executive regulations of the Social Insurance and Pensions Law 148/2019, an employer must submit a copy of the form signed by the worker in order to close their social insurance file, lawyer Yasser Saad, who specializes in labor law, confirmed to Mada Masr. If the employee is absent or refuses to sign the form, and the employer proceeds with dismissal, the employer must notify the National Authority for Social Insurance within a week and provide a justification for the termination, Saad said. In such cases, the authority forms a committee to review the dispute and attempts to resolve it amicably. If either party rejects the committee's decision, the matter may be referred to a labor court. An employee can also request the file be closed by signing the form, and the employer is obligated to submit a copy of the signed document to the authority. Mansour submitted an urgent inquiry on Monday to the prime minister, the public enterprises and labor ministers and the head of the National Authority for Social Insurance regarding the closures. The inquiry included complaints from members of the worker shareholders union's general assembly, who accused the company of intimidating workers with threats of dismissal to pressure them into backing the sale of the union's shares in the upcoming assembly meeting. Mansour previously submitted a similar request in April, which was referred to the Manpower Committee and scheduled for discussion two weeks later, he said. In February, during an extraordinary general assembly meeting of the workers shareholders union, company employees rejected a proposal to sell all union-held shares to a single, anonymous buyer represented by EFG Hermes Promoting and Underwriting, at a price below market value. They were later investigated on allegations of vandalism and disorder. Company management subsequently negotiated with them, offering to drop the investigations in exchange for halting their communication with the Financial Regulatory Authority regarding the legitimacy of the sale. The workers shareholders union holds over 156 million shares in the Eastern Company — roughly 5.2 percent of the company's total shares. The largest stake, 30 percent, is held by the UAE-based Global Investment, followed by the state-owned Chemical Industries Holding Company, which owns 20.95 percent. A second vote on the same sale was held in April, but workers once more rejected the deal. Several workers told Mada Masr they believe the company used the investigations as a means to intimidate workers into approving the sale in the second meeting. While the same workers were also barred from the company premises in May, bonus payments were suspended for 19 other workers for a six-month period at the time. After being denied entry to the company premises, the affected workers filed a complaint with the labor office. The office informed them that it would refer the case to the labor court, after contacting the company, which declined to explain its actions and said it would present its justifications 'in court,' according to the workers.
Al-Ahram Weekly
30-06-2025
- Business
- Al-Ahram Weekly
Eastern Company to cap cigarette price at EGP 45: CEO - Economy
Eastern Company CEO Hany Aman announced that cigarette prices will be capped at EGP 45 per pack starting Tuesday following recent tax bracket changes. Aman told MBC Masr that the company had reached the upper limit of the current tax bracket, and maintaining previous prices was causing losses. Rising raw material and transportation costs have significantly increased production expenses. Approximately 90–95 percent of cigarette components, including tobacco, paper, and agricultural gum, are imported and priced in foreign currency, which adds financial pressure amid currency fluctuations and global price hikes. Before the tax changes, cigarettes were officially retailed at EGP 38 per pack, with nearly 60–65 percent of the price collected in taxes. The new rules allow prices up to EGP 48 per pack, but Aman confirmed Eastern Company will keep prices below that ceiling, not exceeding EGP 45. Sales were paused on Sunday and Monday to adjust pricing, with the new rates taking effect on Tuesday. Aman said the company is still assessing the full impact of the updated tax regulations and may provide further updates soon. Shisha tobacco (Muʽassel) will not be affected by the new taxes. 'There has been no increase in taxes on Muʽassel, and price hikes are unlikely during this period,' Aman said. Cigarettes remain Eastern Company's largest product by consumption and contribution to the national budget. Separately, Ibrahim Embaby, head of the tobacco division at the Federation of Egyptian Industries, stated that the revised price brackets stand at EGP 48 for the lowest tier and EGP 69 for the mid-tier. Earlier on Sunday, the House of Representatives approved a government-drafted law amending the Value Added Tax (VAT) on cigarettes, which will increase the minimum and maximum retail prices by 12 percent annually for three years starting next November. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
23-05-2025
- Business
- Zawya
Egypt: Eastern Company records $95mln block trading transaction
Arab Finance: Eastern Company registered a block-trading transaction worth EGP 4.793 billion, the Egyptian Exchange (EGX) stated in a bourse disclosure on May 22nd. The transaction was executed on 147.043 million shares. In the first nine months of fiscal year (FY) 2024/2025, the company's net profits after tax jumped by 36% year-on-year (YoY) to EGP 7.009 billion from EGP 5.172 billion. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
