Egypt Gas raises its stake in Town Gas to 41%

BY

Tue, 03 Mar 2020 - 12:00 GMT

Gas pipes – Wikimedia Commons/Glen Dillon

Gas pipes – Wikimedia Commons/Glen Dillon

CAIRO – 3 March 2020: Egypt Gas increased its share in the capital of the Egyptian Company for Natural Gas Distribution in Cities (Town Gas) from 30 to 41 percent.

The company clarified in a filing to the Egyptian Exchange (EGX), Tuesday, that it purchased 11 percent of the Egyptian Natural Gas Company’s (GASCO ) share in Town Gas for LE 19.4 million.

Egypt Gas accomplished profits of LE 164.96 million in 2019, compared to profits of LE 35.6 million in 2018.

The company operates within the gas utilities sector focusing on utilities. It has subsidiaries operating across Egypt, Saudi Arabia, Germany and Canada. Egypt Gas was established in September 1983.

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