August 15, 2019 / 8:42 AM / 2 months ago

Egypt's top cigarette maker raises prices

CAIRO, Aug 15 (Reuters) - Egypt’s top cigarette maker, Eastern Tobacco Company, said on Thursday it had raised prices of some of its cigarettes by 4.5% to 6%, citing higher labour costs.

The retail price for its Mondial cigarettes will rise to 17.50 Egyptian pounds ($1.06) from 16.50 pounds, it said in a statement.

Managing Director Hany Aman told Reuters that the increase in prices is due to higher labour and production costs.

The company has a market share of about 70% and foreign companies hold the remainder.

$1 = 16.5300 Egyptian pounds Reporting by Ehab Farouk; writing by Eman Kharosha; editing by Jason Neely

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