Cairo – Mubasher: Eastern Co’s board has approved the distribution of EGP 3 billion in cash dividends to shareholders from retaining profits and reserves.

The board had proposed the payment of EGP 30 per share, or EGP 10 per share prior to shares' split, the Egyptian tobacco firm said in a filing to the Egyptian Exchange (EGX) on Tuesday.

In March, the extraordinary general meeting (EGM) had approved splitting stock by 1:3 ratio to become EGP 5, instead of EGP 15.

The board has decided to raise issued and paid-up capital to EGP 2.25 billion from EGP 1.5 billion, to be financed by EGP 500 million from the firm's legal reserve, as well as EGP 250 million from other reserves.

The board had endorsed boosting the authorised capital to EGP 4.5 billion, instead of EGP 3 billion, the EGX-listed company said.

Eastern Co’s capital amounts to EGP 1.5 billion before the share split, distributed over 100 million shares at a par value of EGP 15 each.