Eastern Company, PMI agree on new prices for cigarette production

The Eastern Tobacco Company will be producing up to 15 bn cigarettes for Philip Morris International at USD 5.8 per 1,000 units and between 15-22 bn cigarettes at USD 6.2 per 1,000 cigarettes, the company said in a regulatory filing (pdf) on Wednesday. Philip Morris will pay Eastern Company in EGP using a fixed exchange rate of EGP 18 to the greenback, as we had noted previously.