Egypt Gas ups stake in Town Gas to 41%

The deal included the purchase of 11% stake in Town Gas

  
Smoke billows from a chimney at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt November 7, 2018.

Smoke billows from a chimney at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt November 7, 2018.

REUTERS/Amr Abdallah Dalsh

Cairo – Egypt Gas has raised its stake in the Egyptian Co. For Natural Gas Distribution in Cities (Town Gas) to 41%.

The deal included the purchase of 11% stake in Town Gas from the Egyptian Natural Gas Company (GASCO), according to a statement to the Egyptian Exchange (EGX) on Tuesday.

The ownership of 19.4 million shares in Town Gas has been transferred to Egypt Gas as of 2 March.

It is worth mentioning that for the full-year 2019, Egypt Gas posted net profits of EGP 164.96 million, up from EGP 35.16 million in the previous year.

Source: Mubasher

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