By: Ahmed Allam
Cairo - Mubasher: The general assembly of Eastern Company approved on Tuesday the decision to increase the company’s capital through the issuance of bonus shares, with shareholders set to receive one bonus share for every share.
The issued capital will be increased from EGP 750 million to EGP 1.5 billion, a source in Eastern Co. told Mubasher.
The capital hike will be funded from the company’s capital reserve which amounts to EGP 1.005 billion, according to the financial statements on 30 June 2016.
The company also approved increasing the authorized capital from EGP 1.5 billion to EGP 3 billion.
This rises the number of the total shares from 50 million to 100 million shares with a par value of EGP 15 per share.
Chemical Industries Holding Co. owns a 55% stake in Eastern Company, while the remaining 45% is distributed among other shareholders.
Translated by: Moslem Ali
