Egypt Gas buys additional 11% stake in Town Gas

The new stake was acquired for 19.4 million Egyptian pounds from Gasco Company

  
A trader works at the Egyptian stock market in Cairo .

A trader works at the Egyptian stock market in Cairo .

REUTERS/Mohamed Abd El Ghany

Natural Gas & Mining Project (Egypt Gas) has acquired an additional 11 percent stake in Town Gas, raising its stake from 30 percent to 41 percent.

The new stake was acquired for 19.4 million Egyptian pounds ($1.24 million) from the Egyptian Natural Gas Company (Gasco Company), a statement from Egypt Gas said.

Shares in Egypt Gas were trading 9.9 percent higher by 15:30 GST time on Tuesday at 54.29 Egyptian pounds. The company’s stock has lost 2.2 percent so far since the start of 2020.

(Writing by Gerard Aoun; editing by Seban Scaria)

( gerard.aoun@refinitiv.com )

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