Cairo – Mubasher: The board of directors of Egypt Gas approved a decision to increase the authorised capital of its 15.08%-owned subsidiary Alexandria Petroleum Maintenance Co (Petromaint) to EGP 300 million from EGP 136 million.  

The issued and paid-up capital of Petromaint will also be raised to EGP 216.51 million from EGP 54.12 million, according to a bourse disclosure on Wednesday.

Egypt Gas will contribute EGP 12.24 million to the capital increase, 50% to be paid in cash and the remaining 50% will be paid from the reserves amounting to EGP 277 million as per the financial position of Petromaint on 31 December 2019.

In addition, the board approved the estimated budget for 2021 with net profits after taxes targeted at EGP 106 million, compared to a target of EGP 82 million in 2020.

The company also aims to generate EGP 5.18 billion in revenue next year, compared to a target of EGP 4.05 billion in 2020.

During the first nine months of 2020, Egypt Gas reported net profits of EGP 9.068 million, down from EGP 27.812 million in the prior-year period.