Cairo – Mubasher: The board of directors of Egypt Gas has approved a decision to take part in establishing a joint stock company for producing molasses-based bioethanol.

The gas firm decided to contribute $6 million or 15% to the new company’s capital estimated at $40 million, according to a bourse disclosure on Wednesday.

An advance payment of $1.5 million, 25% of the total contribution, will be made, the statement showed.

It is noteworthy that during the first nine months of 2019, the company’s net profit increased to EGP 27.812 million, against a net loss of EGP 17.604 million in the year-ago period.