Arab Finance: Eastern Company is seeking to purchase quantities of raw tobacco worth up to $1.2 billion to secure its needs for the next two years, Managing Director Hany Aman told Asharq Business.

Aman added that the company's needs of raw tobacco for one year range between $500 million and $600 million, pointing out that his firm is ready to contract for quantities sufficient for two years.

In May, Philip Morris International acquired an indirect minority stake of 14.7% in Eastern Company.

This figure represents 49% of the stake previously acquired by the UAE’s Global Investment Holding.

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