Egypt’s cigarette maker Eastern Co to discuss doubling issued capital on Oct 4

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

The company intends to raise its issued capital to 1.5 billion Egyptian pounds ($168.7 million) from 750 million pounds through 1-for-1 bonus share distribution financed from the legal reserve.

The company’s legal reserve stands at 1.005 billion pounds, 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 1.5 billion pounds to 3 billion pounds, along with amending articles no. 6 and 7 of the memorandum.

Egypt’s cigarette maker Eastern Company (Eastern Tobacco) earlier reported a 19.7 percent decline in its profits for the fourth quarter of the financial year 2015/16, the unaudited financial results revealed.