Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request to publish the disclosure form of Egypt Gas to raise its capital and amend the company’s purpose.
The disclosure form included the board of directors’ approval to increase the company’s authorised capital to EGP 1 billion from EGP 500 million and issued capital to EGP 480 million distributed over 48 million shares at a value of EGP 10 apiece from EGP 240 million, the FRA said in a statement to the Egyptian Exchange (EGX) on Thursday.
The form also included the addition of activities of general contracting and supplies for other parties inside and outside Egypt.
It is noteworthy that for the full-year 2019, Egypt Gas reported net profits of EGP 164.95 million, compared to EGP 35.16 million in 2018.
