Cairo – Mubasher: Egypt’s cigarette maker Eastern Company (Eastern Tobacco) approved raising its issued capital from EGP 750 million to EGP 1.5 billion.
The capital hike will be effected through the distribution of bonus shares at 1 to 1 and will be financed through the legal reserve that amounts to EGP 1.005 billion.
Meanwhile, the company will raise its authorized capital from EGP 1.5 billion to EGP 3 billion after securing the approval of the general meeting.
Eastern Tobacco posted a decline of 19.7% in net profits for the fourth quarter of FY15/16 as it reached EGP 346 million.
