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20-Oct-2016

Eastern Co. signs export agreements with Kuwait, Iraq and Libya

Eastern Company (EAST.CA) announced that it has recently signed export agreements with Kuwait, in addition to Iraq and Libya, aiming to raise its exports in the coming period, which have reached USD10mn during FY16/17. According to the company’s CEO, the company is willing to raise exports even at lower margins, in order to offset the impact of the USD shortage, which led to its failure to abide by long-term tobacco import contracts with African countries. (Al Borsa)   Eastern Company: EGP210.97 as of 19 October 2016, Rating: Buy, FV: EGP310.00 per share, MCap: USD1,188mn, EAST EY / EAST.CA

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