Eastern Company’s ordinary general meeting (OGM) approved increasing the issued capital from EGP 2.23 billion EGP to EGP 3 billion by converting EGP 770 million from the reserves into shares.

The capital increase share will be distributed to shareholders at a rate of EGP 0.345 per share, according to a bourse filing.

The company’s extraordinary general meeting (EGM) approved increasing the authorized capital from EGP 3 billion to EGP 15 billion.

Credit Facility Agreements

Furthermore, the OGM ratified the board of directors’ decision to conclude credit facility agreements with local banks to open letters of credit (LCs) to the company’s suppliers to import tobacco and non-tobacco raw materials and production requirements worth $400 million.

The OGM also approved a decision to finalize credit agreements with foreign banks in the form of $200 million letters of guarantee for the benefit of local banks issuing the LCs.

Eastern Company recorded a 17% year-on-year (YoY) plunge in net profit after tax to EGP 2.89 billion during the first half (H1) of the fiscal year (FY) 2023/2024 from EGP 3.48 billion.

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