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Eastern Company's board approves capital cut via treasury stock cancellation

Eastern Company's board approves capital cut via treasury stock cancellation
The capital cut will be carried out by cancelling 20 million treasury stocks
Eastern Co
EAST
-0.76% 11.75 -0.09

Cairo - Mubasher: The board of directors of Eastern Company approved a decision to cut the company's issued and paid-up capital to EGP 2.23 billion from EGP 2.25 billion.

The capital reduction will be carried out by cancelling 20 million treasury stocks, the tobacco manufacturer said in a bourse disclosure on Wednesday.

The decision will be referred to the company's extraordinary general meeting (EGM) for approval. 

During the first nine months of the fiscal year (FY) 2020/2021, Eastern Company logged net profits of EGP 3.88 billion, up from EGP 3.13 billion in the same period a year earlier.