EGYPT GAS’S shareholders approved an increase in authorised capital to EGP 500million ($92.6 million) and an increase in issued capital to EGP 120 million ($22.2 million), according to Tegara business website.

The company’s extraordinary general assembly, considering a 25-year extension, decided to finance the issued capital increase from reserves through distributing free shares for every held share. An 80 per cent stake of Egypt Gas is owned by the Egyptian General Petroleum Corporation, while the remaining 20 per cent is owned by other stockholders.