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Thursday, 2 March 2017

Philip Morris settles with Eastern Company, future payments to be in EGP equivalent

Eastern Company announced it reached an agreement with Philip Morris International to get it “to pay back outstanding debt and make future payments in the local currency,” 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 mn in total arrears dating back to July 2016 this month, Eastern Company’s 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.

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