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Eastern Co OGM nods to EGP1/shr dividends for FY17/18

Eastern Co OGM nods to EGP1/shr dividends for FY17/18
The OGM also agreed to postpone the distribution of EGP 0.40 of the dividend for three months
Eastern Co
EAST
-0.37% 27.00 -0.10

Cairo – Mubasher: The ordinary general meeting (OGM) of Eastern Co has approved a cash dividend distribution of EGP 1 per share for fiscal year 2017/2018 in accordance with the number of shares after the stock split.

The OGM also agreed to postpone the distribution of EGP 0.40 of the dividend for three months to 2 January 2019, the tobacco maker said in a filing to the Egyptian Exchange (EGX) on Monday.

Moreover, the extraordinary general meeting (EGM) has agreed to amend article 21 of the company’s article of associations.

In August, the board of Egypt's monopoly cigarette maker approved the distribution of EGP 1.8 billion in cash dividends, or EGP 4 per share for fiscal year 2017/2018.

The EGM of the EGX-listed firm previously approved to split the nominal value of the stock at EGP 1, instead of EGP 5.