The Eastern Company for tobacco said it is owed USD 78.2 mn from Philip Morris International (PMI) for manufacturing in 1Q2016-17 as well as EGP 33.5 mn in sales tax due for 1H2016-17, according to Al Mal. Eastern Company says it paid taxes on behalf of PMI but was not reimbursed for it, and is holding an EGM on 28 February to discuss its relationship with PMI. The company reported net profits of EGP 890.35 mn in 2HFY2016, according to a regulatory filing.

Tags: