FRA approves Egypt Gas' capital raise

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The capital raise will be distributed over 52mln shares

Staff Writer, Mubasher

August 8, 2022

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Cairo – The Financial Regulatory Authority (FRA) in Egypt has approved in principle publishing the disclosure regarding the invitation of senior shareholders to subscribe to Egypt Gas’ capital raise, according to an official statement on Sunday.

In March, Egypt Gas’ shareholders agreed to increase the company's issued capital by EGP 520 million to EGP 1 billion from EGP 480 million.

The capital raise will be distributed over 52 million shares at a par value of EGP 10 per share.

It is noteworthy to mention that during the first quarter (Q1) of 2022, Egypt Gas logged EGP 75.88 million in profits, compared with EGP 5.83 million in Q1-21.

Meanwhile, revenues hiked to EGP 1.25 billion in Q1-22, compared to EGP 978.97 million in Q1-21.

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