EGAS contributes to establishing company by $6M

CAIRO - 22 January 2020: The board of directors of Egypt Gas Company (EGAS) agreed to contribute to the establishment of a joint stock company to produce bioethanol from molasses by 15 percent.

The company said Wednesday in a filing to the Egyptian Exchange (EGX) that the value of the contribution is $6 million of the total estimated capital of $40 million.

It clarified that 25 percent of the amount will be paid in advance, at a value of $1.5 million.

On another note, EGAS turned into profitability during the first nine months of 2019, recording profits of LE 27.812 million, compared to losses of LE 17.604 million during the same period of 2018.

Egypt Gas operates within the gas utilities sector focusing on utilities. It has subsidiaries operating across Egypt, Saudi Arabia, Germany and Canada