Cairo – Mubasher: The Egyptian Natural Gas Holding Co (EGAS) has signed a protocol of cooperation with the New Administrative Capital for Urban Development at a value of EGP 66.9 million.
The protocol will cover connecting the Administrative Capital’s main gas grid and external installations with about 21,800 residential units, EGAS highlighted in a statement on Monday.
Both parties will start implementing this deal within 2018, the company indicated, stressing that all the new capital’s gas projects have been taken into consideration after setting EGAS stock’s fair value (FV).
In October, the Egyptian Financial Regulatory Authority (FRA) set the FV of EGAS’ stock at EGP 175.39 per share.
It is worth mentioning that EGAS had previously posted an after-tax loss of EGP 58.98 million in the first nine months of 2017, up from EGP 50.39 million.
