Egypt's Eastern signs deal with Jordan's Tag
Cairo, March 29, 2010
Egyptian cigarette monopoly Eastern Company has signed an agreement with a Jordanian firm to produce, market and distribute Eastern's products in Jordan, Egypt's bourse said.
Eastern will supply Jordan's Tag Company for Cigarettes and Tobacco with raw materials and technical support while the latter will make and sell Eastern's trademark brand Cleopatra cigarettes and tobacco, as well as its Salloum brand tobacco.
"Jordan's Tag company will distribute the products in the Hashemite Kingdom of Jordan and the neighbouring countries, which will be reflected in increased revenues and the opening up of new export markets," Eastern's statement to the bourse said.
It did not provide further details. Eastern posted an unaudited net income of 405.1 million Egyptian pounds ($73.6 million) for the period from July to December, a 0.12 percent rise on the same period in 2008, when the firm made 404.6 million pounds. - Reuters