{"id":589190,"date":"2023-06-22T00:00:00","date_gmt":"2023-06-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/eastern-company-cancels-heated-tobacco-investment-to-conserve-fx\/"},"modified":"2023-06-22T00:00:00","modified_gmt":"2023-06-22T00:00:00","slug":"eastern-company-cancels-heated-tobacco-investment-to-conserve-fx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/eastern-company-cancels-heated-tobacco-investment-to-conserve-fx\/","title":{"rendered":"Eastern Company cancels heated tobacco investment to conserve FX"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MANUFACTURING-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Eastern cancels investment in heated tobacco production on FX crunch: <\/span><span>State-owned tobacco firm Eastern Company is abandoning plans to invest in heated tobacco production lines due to the shortage of foreign currency, CEO Hany Aman said in an <\/span><span>interview <\/span><span>with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tinyurl.com\/3ufmv9p6\" style=\"\">Asharq Business<\/a><\/span><span>. The <\/span><span style=\"font-weight:400;\">company is prioritizing using its FX to source tobacco to manufacture its cigarettes, he added.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">CAPITAL MARKETS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A license to IR?<\/span><span style=\"\"> The EGX is in discussions with the Financial Regulatory Authority to <\/span><span>introduce a license for investor relations managers in 2H 2023, EGX boss Ramy El Dokany said during a conference, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3qL8KQz\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\">. The license would operate on a points system whereby IR professionals who violate the rules would get points deducted, El Dokany is quoted as saying. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ENERGY- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EgyptAir to increase biofuel use:<\/span><span style=\"\"> EgyptAir plans to increase its biofuel use to 2% in <\/span><span>2025 and 6% by 2030, the company\u2019s fuel and emissions director, Ahmed Mattar, told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1670506804021800961?s=20\" style=\"\">Asharq Business<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FINTECH-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Paymob x Chefaa: <\/span><span style=\"\">Fintech startup Paymob will provide its payment services to local pharma <\/span><span>delivery platform Chefaa and its customers under an agreement signed between the two firms, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/1045.pdf\" style=\"\">a joint statement (pdf)<\/a><\/span><span style=\"font-weight:400;\"> out Tuesday. This includes issuing e-payment cards and providing POS payment and buy now pay later (BNPL) solutions to the platform\u2019s users and pharmacies.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HEALTH-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">No more smoking on Health Ministry property:<\/span><span style=\"\"> The Health Ministry has <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/pfbid0h8f7N5HjHe7WxhnbGRWDNyBtzTRoFtCc2dqkCzjfNBruJZdD94Jpf3BV8bDJ1idol\" style=\"\">issued a decree<\/a><\/span><span style=\"font-weight:400;\">banning smoking in all of the ministry\u2019s facilities. Managers who fail to implement these rules will face fines between EGP 1-20k, while smokers will face an EGP 50-100 fine. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">REAL ESTATE- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Madinet <\/span><span style=\"font-weight:700\">Masr<\/span><span style=\"font-weight:700\">announces new<\/span><span style=\"font-weight:700\"> project in Sarai:<\/span><span style=\"\"> Real estate developer Madinet <\/span><span style=\"\">Masr<\/span><span>launched Elan, its new project in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/madinetmasr.com\/sarai\" style=\"\">Sarai<\/a><\/span><span>, the company said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/1125.pdf\" style=\"\">press release (pdf)<\/a><\/span><span> yesterday. The mixed-use development near the New Administrative Capital on the Cairo-Suez Road will include more than 2.8k residential units, as well as shopping areas, restaurants, an international school, a luxury hotel, a lake, and a commercial area. Its launch comes after the company (FKA Madinet Nasr) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1dc7496f-1a51-408c-a5e9-ba59d3417de6\" style=\"\">rebranded<\/a><\/span><span style=\"font-weight:400;\"> to reflect its plan to expand across the country. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eastern is saving its hard currency to produce cigarettes amid the FX crunch<\/p>\n","protected":false},"author":1,"featured_media":589191,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,528,533,102,1306,247,68,880,93,72,183,2234,246,7138,259,3674,353,131,1370,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-aviation","tag-buy-now-pay-later-bnpl","tag-capital-markets","tag-chefaa","tag-eastern-company","tag-egx","tag-egyptair","tag-energy","tag-enterpriseam","tag-fintech","tag-foreign-exchange","tag-green-economy","tag-health","tag-health-ministry","tag-investor-relations","tag-madinet-masr-for-housing-and-development","tag-manufacturing","tag-paymob","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"204c15a0-8338-48d9-9bc7-349f1afa962b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1167.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian tobacco firm Eastern Company cancels heated tobacco plans to conserve FX. PLUS: EGX, FRA mull IR licensees + EgyptAir on biofuels + Paymob x Chefaa + Health Ministry says no to smoking + Madinet Masr\u2019s new Sarai project","related_issue":[589160],"teaser":"Eastern is saving its hard currency to produce cigarettes amid the FX crunch","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.be8c2cf2-4431-406c-a9ab-33c806f53864.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Eastern Company cancels heated tobacco investment to conserve FX - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/eastern-company-cancels-heated-tobacco-investment-to-conserve-fx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eastern Company cancels heated tobacco investment to conserve FX\" \/>\n<meta property=\"og:description\" content=\"Eastern is saving its hard currency to produce cigarettes amid the FX crunch\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/eastern-company-cancels-heated-tobacco-investment-to-conserve-fx\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-22T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1167.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/eastern-company-cancels-heated-tobacco-investment-to-conserve-fx\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/eastern-company-cancels-heated-tobacco-investment-to-conserve-fx\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Eastern Company cancels heated tobacco investment to conserve FX\",\"datePublished\":\"2023-06-22T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/eastern-company-cancels-heated-tobacco-investment-to-conserve-fx\/\"},\"wordCount\":353,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/eastern-company-cancels-heated-tobacco-investment-to-conserve-fx\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1167.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ALSO ON OUR RADAR\",\"aviation\",\"buy-now-pay-later (BNPL)\",\"capital markets\",\"Chefaa\",\"Eastern Company\",\"EGX\",\"EgyptAir\",\"energy\",\"EnterpriseAM\",\"Fintech\",\"foreign exchange\",\"Green Economy\",\"health\",\"Health Ministry\",\"Investor relations\",\"Madinet Masr for Housing and Development\",\"Manufacturing\",\"Paymob\",\"real estate\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/eastern-company-cancels-heated-tobacco-investment-to-conserve-fx\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/eastern-company-cancels-heated-tobacco-investment-to-conserve-fx\/\",\"name\":\"Eastern Company cancels heated tobacco investment to conserve FX - 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The maker of Cleopatra and other popular brands last hiked prices barely\u2026","rel":"","context":"In &quot;Manufacturing&quot;","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553523,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/tobacco-tender-is-back-on\/","url_meta":{"origin":589190,"position":1},"title":"Tobacco tender is back on","author":"enterpriseam admin","date":"7 December 2021","format":false,"excerpt":"Bringing a new tobacco competitor into the market, take three: The Industrial Development Authority (IDA) has relaunched a tender for a license to manufacture cigarettes, potentially ending the historical monopoly by state-owned Eastern Company, Masrawy reports. The license would allow for the establishment of Egypt\u2019s second major tobacco company, entering\u2026","rel":"","context":"In &quot;Manufacturing&quot;","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/243.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553563,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/new-tobacco-license-terms\/","url_meta":{"origin":589190,"position":2},"title":"New tobacco license terms","author":"enterpriseam admin","date":"8 December 2021","format":false,"excerpt":"The tobacco industry is less than pleased with the latest set of conditions for a license to manufacture cigarettes, which the Industrial Development Authority (IDA) issued earlier this week, according to Masrawy. 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