CAIRO: Egyptian cigarette monopoly Eastern Company’s board has sought approval to double its capital by distributing free shares.
Eastern said on Thursday it would distribute one share for every one held, raising its total capital to LE 1.5 billion ($248 million) from LE 750 million.
The board has asked the state-owned Holding Company for Chemical Industries, which holds a 65 percent stake in Eastern, to approve the capital increase.
Eastern’s net profit jumped 66 percent to LE 121 million in the three months to September, its first quarter.
