Cairo - Mubasher: The board of directors of Eastern Company approved a decision to cut the company's issued and paid-up capital to EGP 2.23 billion from EGP 2.25 billion.
The capital reduction will be carried out by cancelling 20 million treasury stocks, the tobacco manufacturer said in a bourse disclosure on Wednesday.
The decision will be referred to the company's extraordinary general meeting (EGM) for approval.
During the first nine months of the fiscal year (FY) 2020/2021, Eastern Company logged net profits of EGP 3.88 billion, up from EGP 3.13 billion in the same period a year earlier.
