Cairo – Mubasher: The Egyptian Exchange’s (EGX) listing committee approved a request to list the capital raise shares of Egypt Gas.

The company’s authorised capital will be increased to EGP 1 billion from EGP 500 million and its issued and paid-up capital will be raised to EGP 480 million from EGP 240 million, according to a statement on Wednesday.

The raise in issued and paid-up capital will be distributed over 24 million shares at a nominal value of EGP 10 apiece, which will be financed from the company’s funding reserves allocated for gas projects as per the financial statements for the period ended 31 December 2018.

The one-for-one bonus issue will be for shareholders owning shares until the end of the trading session on Wednesday, 9 December.

During the first nine months of 2020, Egypt Gas achieved net profits of EGP 9.068 million, down from EGP 27.812 million in the prior-year period.