Cairo – Mubasher: The board of directors of Egypt Gas approved a proposal to increase the company’s authorised capital to EGP 1 billion from EGP 500 million.

In addition, the board also decided to raise the company’s paid-up and issued capital to EGP 480 million from EGP 240 million, according to a statement to the Egyptian Exchange (EGX) on Monday.

The capital increase will be financed from the funding reserve balance for gas projects as per the financial position on 31 December 2019, by distributing one bonus share for every share held.

Moreover, the board also gave the green light for the addition of activities of general contracting and supplies for other parties inside and outside Egypt.

It is worth mentioning that during 2019, Egypt Gas reported net profits of EGP 164.96 million, compared to EGP 35.16 million in the previous year.