Cairo – Mubasher: Egypt’s cigarette maker Eastern Company (Eastern Tobacco) said Thursday that its ordinary and extraordinary general meetings will be held on 4 October to consider doubling the issued capital, according to a bourse filing.

The company intends to raise its issued capital from EGP 750 million to EGP 1.5 million through 1-for-1 bonus share distribution financed from the legal reserve.

The company’s legal reserve stands at EGP 1.005 billion, according to the financial statements issued for the period ended 30 June 2015.

Moreover, the shareholders will also look into doubling the licensed capital from EGP 1.5 billion to EGP 3 billion, along with amending articles no. 6 and 7 of the memorandum.  

On Wednesday, the stock quote was lower 2.13% to EGP 220 a share.