Cairo – Mubasher: The extraordinary general meeting (EGM) of Eastern Co has approved to raise its issued and paid-up capital to EGP 2.25 billion from EGP 1.5 billion through legal reserve.
The EGM also agreed to amend the Article 6 and 7 of the company’s main system, Egypt's monopoly cigarette maker said in a filing to the Egyptian Exchange (EGX) on Wednesday.
Meanwhile, the ordinary general meeting (OGM) has approved the distribution of a half bonus share for shareholders that will be financed from the legal reserve.
The OGM also endorsed a cash dividend distribution of EGP 10 per share, which will be withdrawn from retained earnings and reserves until 30 June 2017.
Moreover, the OGM agreed to adjust the account of cash dividends in the company’s financial statements for 2017 and use the statutory reserves by transferring it to distributable profits.
The board of Eastern Co had previously approved to raise the company’s capital to EGP 2.25 billion, instead of EGP 1.5 billion.
In March, the 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 after the share split, distributed over 300 million shares at a par value of EGP 5 each.
