Egypt’s tobacco maker Eastern Company raises issued capital to $169mn

The Egyptian joint stock company Eastern Company is set to boosts its issued capital to 1.5 billion Egyptian pounds (US$168.9 million).

The general assembly of the tobacco maker approved the decision of raising the capital on Tuesday to be financed from firm’s capital reserve.

This increase would led to a hike in the number of firm’s shares from 50 million to 100 million, with a par value of 15 pounds per share.

Chemical Industries Holding Co. owns a 55% stake in Eastern Company, while the remaining 45% is distributed among other shareholders.