Arab Finance: The Financial Regulatory Authority (FRA) approved the issuance of 48.148 million shares of Egypt Gas’ (EGAS) issued capital increase at a nominal value of 10 per share, according to a statement filed to the Egyptian exchange (EGX) on October 9^th.

The total value of the shares' issuance amounts to EGP 481.482 million which is fully paid through a certificate of deposit.

On September 27^th, Egypt Gas announced that the increase in the issued capital was subscribed at a coverage ratio of 92.59% of total offered shares, valuing at a total of EGP 1.281 billion

Senior shareholders subscribed to 48.149 million shares out of 52 million shares, while 3.852 million shares were left.

Subscription into the rights issue has been closed for shareholders on September 25th and it will not be reopened for another phase.

In June, the company’s board endorsed a proposal to increase the issued capital by EGP 520 million distributed over 52 million shares at a nominal value of EGP 10 per share.

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 domestic, commercial, and industrial applications.

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