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Egypt Gas approves 2019’s dividends, capital hike

Egypt Gas approves 2019’s dividends, capital hike
Shareholders agreed to double the company’s capital
Egypt Gas
EGAS
-100.00% 49.00 -49.13

Cairo – Mubasher: The ordinary general meeting (OGM) of Egypt Gas approved a decision to distribute cash dividends of EGP 3 per share for 2019.

The company’s shareholders agreed to distribute a total of EGP 72 million divided between the Egyptian Natural Gas Holding Company and other shareholders at EGP 57.6 million and EGP 14.4 million, respectively, according to a bourse statement on Sunday.

The OGM of Egypt Gas also approved a decision to increase the company’s capital through fund reserves allocated for gas projects.

The shareholders agreed to raise the company’s authorised capital to EGP 1 billion from EGP 500 million and issued and paid-up capital to EGP 480 million from EGP 240 million.

It is noteworthy that during 2019, Egypt Gas reported net profits of EGP 164.96 million, up from EGP 35.16 million in 2018.