Eastern Company's shareholders nod to dividend for FY20/21, cancellation of treasury shares

Cairo – Mubasher: The ordinary general meeting (OGM) of the Eastern Company approved a proposal to distribute a cash dividend of EGP 1.60 per share for fiscal year (FY) 2020/2021.

The dividends will be disbursed in two instalments; the first one of EGP 1 per share will be paid on 1 December and the second one of EGP 0.60 a share will be paid on 15 February 2022, the company said in a bourse disclosure on Sunday.

The shareholders also approved a decision to enter into a partnership with a company that manufactures filter inputs.

Moreover, the extraordinary general meeting (EGM) decided to cancel 20 million treasury shares worth EGP 20 million, reducing the issued capital to EGP 2.23 billion, distributed over 2.23 billion shares, from EGP 2.25 billion, distributed over 2.25 billion shares.

In FY20/21, the tobacco manufacturer logged net profits of EGP 4.28 billion, up from EGP 3.79 billion a year earlier.

Source: Mubasher

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