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Egypt Gas inks KWD 2.6m deal with Kuwait’s Al Rabiah

Egypt Gas inks KWD 2.6m deal with Kuwait’s Al Rabiah
The contract has a duration period of 18 months
Egypt Gas
EGAS
-2.63% 35.52 -0.96

Cairo – Mubasher: Egypt Gas has signed a contracting agreement with the Kuwaiti firm Al Rabiah Construction Company (ARABCO) for KWD 2.6 million or EGP 152.17 million.

This deal comes as part of Egypt Gas’ plan to expand outside Egypt, according to a bourse statement issued on Monday.

The contract has a duration period of 18 months, starting in the beginning of 2018.

The return on this agreement is estimated at EGP 10 million; this rate was taken in consideration when placing Egypt Gas’ fair value (FV), the company added.

In early October, the Egyptian Financial Supervisory Authority (EFSA) has approved the FV of Egypt Gas at EGP 175.39 per share.

At the stock level, Egypt Gas started Monday’s session 1.62% lower at EGP 224.10.