Eastern Tobacco invests EUR 15 mn in new production lines

Eastern Tobacco has signed five agreements for new production lines at its plant worth around EUR 15 mn, Chairman Mohamed Haroun told Al Mal. The new lines are set to result in doubling the company’s output and will be received within seven months. Eastern Tobacco has also managed to increase its reserves of manufacturing inputs to last for 16 months, as more banks were willing to provide the company with trade finance since the EGP float, Haroun adds. The company sent the EGX a statement confirming the EUR 15 mn investment mentioned in the Al Mal piece, but denied any plans for a stock split.