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Sun 4 Sep 2016 03:55 PM

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Egypt's Eastern Company approves $84m capital hike

Firm brings issued capital to $169 million, up from $84 million

Egypt's Eastern Company approves $84m capital hike

Egypt cigarette-maker Eastern Company has approved a capital hike of EGP750 million ($84 million) on Sunday.

It will take place through the distribution of one free share per existing original share.

This would bring the company's issued capital to EGP1.5 billion ($169 million) from EGP750 million, it said in a statement to the Cairo stock exchange.

The hike brings its authorised capital to EGP3 billion ($338 billion), up from EGP1.5 billion.

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