Egypt Gas completes transferring stake in Town Gas

Egypt Gas raised its stake in Town Gas from 30% to 41%

  

Cairo – Egypt Gas announced on Tuesday that it has completed transferring the ownership of an 11% stake in the Egyptian Company for Natural Gas Distribution in Cities (Town Gas) from the Egyptian Natural Gas Company (GASCO).

On 3 March, Egypt Gas raised its stake in Town Gas from 30% to 41% after purchasing 11% of GASCO’s stake in Town Gas for EGP19.4 million.

It is noteworthy to mention that in 2019, the net profits of Egypt Gas increased to EGP 164.96 million, from EGP 35.16 million in the previous year.

Source: Mubasher

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