|26 November, 2019

Egypt Gas sets up PE pipes manufacturing firm with $21mln capital

Egypt Gas will hold a 25% stake in the new company

Image used for illustrative purpose. Flames shoot out of a chimney at Alexandria National Refining and Petrochemicals Company (ANRPC) along a highway of Alexandria, Egypt March 5, 2019.

Image used for illustrative purpose. Flames shoot out of a chimney at Alexandria National Refining and Petrochemicals Company (ANRPC) along a highway of Alexandria, Egypt March 5, 2019.

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: Egypt Gas announced that its board of directors has signed an agreement with Switzerland-based Georg Fischer and UAE-headquartered Corys to establish a new company for producing polyethylene pipes.

With an issued capital of EGP 340 million divided on 340,000 shares at a nominal value of EGP 1,000 apiece, the ownership of the company will be divided between GF Corys Middle East Ltd, Egypt Gas, GF-Corys LLL, UAE with 74%, 25%, and 1%, respectively, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

It is noteworthy that during the first nine months of 2019, Egypt Gas turned profitable with EGP 27.812 million, against a net loss of EGP 17.604 million in the year-ago period.

Source: Mubasher

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