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.
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