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Eastern Co OKs EGP 750m capital hike

Eastern Co OKs EGP 750m capital hike
In March, the EGM had approved splitting stock by 1:3 ratio to become EGP 5
Eastern Co
EAST
-0.37% 27.00 -0.10

Cairo – Mubasher: The board of Eastern Co has approved to raise the company’s capital to EGP 2.25 billion, instead of EGP 1.5 billion through reserves.

The top cigarette maker will finance the EGP 750 million increase through EGP 500 million from its legal reserve totalled EGP 693.1 million, in addition to around EGP 250 million from other reserves worth EGP 927.8 million, the Egyptian tobacco company said in a filing to the Egyptian Exchange (EGX) on Thursday.

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

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.