{"id":649542,"date":"2017-03-02T04:12:40","date_gmt":"2017-03-02T04:12:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/philip-morris-settles-with-eastern-company-future-payments-to-be-in-egp-equivalent\/"},"modified":"2017-03-02T04:12:40","modified_gmt":"2017-03-02T04:12:40","slug":"philip-morris-settles-with-eastern-company-future-payments-to-be-in-egp-equivalent","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/02\/philip-morris-settles-with-eastern-company-future-payments-to-be-in-egp-equivalent\/","title":{"rendered":"Philip Morris settles with Eastern Company, future payments to be in EGP equivalent"},"content":{"rendered":"

Eastern Company announced it reached an agreement with Philip Morris International to get it \u201cto pay back outstanding debt and make future payments in the local currency,\u201d Reuters<\/a> reports. Philip Morris had halted paying dues to Eastern Company in USD in return for its production last year. Philip Morris is expected to pay USD 105 mn in total arrears dating back to July 2016 this month, Eastern Company\u2019s Chairman Mohamed Haroun says, adding that the company will also begin paying for its local production in EGP equivalent at a fixed exchange rate of EGP 18 per USD 1 through 28 February 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"

Eastern Company announced it reached an agreement with Philip Morris International to get it \u201cto pay back outstanding debt and make future payments in the local currency,\u201d Reuters reports. Philip Morris had halted paying dues to Eastern Company in USD in return for its production last year. Philip Morris is expected to pay USD 105 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[9309],"tags":[2416,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-649542","post","type-post","status-publish","format-standard","hentry","category-basic-materials-commodities","tag-basic-materials-commodities","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"b5af1af8-9963-4166-ac40-57320bd05e48","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[649512],"teaser":"","voice_url":""},"yoast_head":"\nPhilip Morris settles with Eastern Company, future payments to be in EGP equivalent - 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\/2017\/03\/02\/philip-morris-settles-with-eastern-company-future-payments-to-be-in-egp-equivalent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philip Morris settles with Eastern Company, future payments to be in EGP equivalent\" \/>\n<meta property=\"og:description\" content=\"Eastern Company announced it reached an agreement with Philip Morris International to get it \u201cto pay back outstanding debt and make future payments in the local currency,\u201d Reuters reports. 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PMI had reportedly rejected a proposal from Eastern Company\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545909,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/philip-morris-strikes-an-agreement-on-local-tobacco-manufacturing-with-eastern\/","url_meta":{"origin":649542,"position":3},"title":"Philip Morris strikes an agreement on local tobacco manufacturing with Eastern","author":"enterpriseam admin","date":"17 April 2022","format":false,"excerpt":"Eastern agrees to let Philip Morris make smokes in Egypt: The Egyptian arm of tobacco giant Philip Morris is on course to manufacture cigarettes in Egypt after reaching an agreement with Eastern Company, according to a disclosure to the EGX (pdf) filed by the state tobacco monopoly on Thursday. United\u2026","rel":"","context":"In "Manufacturing"","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":651570,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/15\/eastern-company-says-pmi-owes-it-usd-78-2-mn\/","url_meta":{"origin":649542,"position":4},"title":"Eastern Company says PMI owes it USD 78.2 mn","author":"enterpriseam admin","date":"15 February 2017","format":false,"excerpt":"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\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546811,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/30\/eastern-to-acquire-24-of-egypts-second-tobacco-manufacturer\/","url_meta":{"origin":649542,"position":5},"title":"Eastern to acquire 24% of Egypt\u2019s second tobacco manufacturer","author":"enterpriseam admin","date":"30 May 2022","format":false,"excerpt":"It\u2019s official: Eastern will acquire a quarter of Egypt\u2019s second tobacco manufacturer after the company\u2019s general assembly approved the EGP 100 mn purchase of a 24% stake in Philip Morris\u2019 United Tobacco, according to a disclosure to the EGX(pdf). 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