ArabFinance: Egypt Gas’ (EGAS) board of directors approved a proposal to increase issued and paid-up capital by EGP 520 million, according to a filing to the Egyptian Exchange (EGX).

The company’s issued and paid-up capital will be increased to EGP 1 billion from EGP 480 million though subscription by senior shareholders.

It is worth noting that Egypt Gas reported a net profit after tax of EGP 165.828 million in the full year ended December 31st 2021, up from EGP 84.665 million in 2020.

Egypt Gas is an Egypt-based shareholding company engaged in the design, installation, operation, and maintenance of natural gas distribution networks and pressure reduction stations for domestics, commercial, and industrial applications.