Egypt Kuwait Holding Co. (EK Holding) has completed the purchase of a gas field from a French company in the North of Suez, Egypt.
The gas field operates with a daily production capacity of nearly 50 million cubic feet, company sources told Mubasher, adding that the purchase was self-financed.
However, the sources declined to define the deal’s value. It was reported on Wednesday that EK Holding Chairman Moataz Al-Alfi and a Kuwaiti delegation met with Egyptian Premier Ibrahim Mehleb last Sunday, to obtain his approval on buying the gas field.
The sources also said EK Holding board has authorized the executive management to look into a bid received from South Valley Cement Co. (SVCC) to buy the company’s 30.07% stake in Building Materials Industries Co.
The board will look into the bid study late in December.
SVCC is a founder and a shareholder in Building Materials Industries. EK Holding owns a 30.07% stake in the company.
The securities listing committee of the Egyptian Exchange (EGX) decided on Thursday, October 23 to list secondary shares of EK Holding to raise the company’s capital from $209.8 million to $243.9 million.
The $34.1 million increase is divided into 136.36 million shares at $0.25 par value plus $0.55 issue premium each.
(written by Ahmed Allam; translated by Sayed Abdel Rahman)