The increase in Egypt Gas’ (EGAS) issued capital was subscribed at a coverage ratio of 92.59% of total offered shares, valuing at a total of EGP 1.281 billion, according to a filing to the Egyptian Exchange (EGX) on September 27th.

Senior shareholders subscribed to 48.149 million shares out of 52 million shares, while 3.852 million shares were left.

Subscription into the rights issue has been closed for shareholders on September 25th and it will not be reopened for another phase.

On August 7th, the Financial Regulatory Authority (FRA) approved in principle to publish the disclosure form regarding calling senior shareholders to subscribe to the capital increase of Egypt Gas.

In June, the company’s board endorsed a proposal to increase the issued capital by EGP 520 million distributed over 52 million shares at a nominal value of EGP 10 per share.

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 domestic, commercial, and industrial applications.

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