Cairo – Mubasher: Egypt Gas Holding Company (EGAS) has called on the Egyptian Financial Supervisory Authority (EFSA) to validate the transactions carried out on the company’s stocks via the Egyptian Exchange (EGX).
EGAS’ decision comes in light of the sharp price movement witnessed on the stock in the past few months, the Egyptian gas firm said in a statement to the EGX on Tuesday.
Since the start of 2017, EGAS’ stock surged 405% to EGP 260, compared to its closing at EGP 51.5 by the end of 2016.
Earlier today, the EFSA said it will restore all transactions, whether buying or selling, executed on EGAS’ stock on Thursday, 12 October, to the bourse’s database.
On Monday, the EFSA decided to cancel all transactions carried out on EGAS’ stock.
In August, the EFSA requested that EGAS appoint an independent financial advisor to draw up a study of the stock’s fair value (FV) for one month following the sharp gains seen on the stock recently.
Earlier this month, the EFSA approved EGAS’ FV at EGP 175.39.
EGAS last reported widening its losses by 12% year-on-year to EGP 53.5 million in the first half of 2017 on the back of higher costs from EGP 47.9 million.
