ArabFinance: Egypt Gas (EGAS) submitted to the Egyptian Exchange (EGX) to list the increase of authorized capital and shares of issued and paid-in capital rise, according to EGX disclosure.
The company also introduced documents to list the purpose’s amendment.
Egypt Gas has intended to increase authorized capital from EGP 500 million to EGP 1 billion, as well as the issued and paid-in capital from EGP 240 million to EGP 480 million.
The issued capital increase amounts to EGP 240 million to be distributed on 24 million shares at a par value of 10 per each.
The company posted a net profit after tax stood at EGP 9,068,755 in the January-September period of 2020, a 67% decline from EGP 27,812,237 achieved in the prior-year period.
Egypt Gas is an Egypt-based shareholding company engaged in the design, installation, operation, and maintenance of natural gas distribution networks and pressure reduction stations for domestics, commercial, and industrial applications.
