Egypt

Egypt Gas approves the Ordinary General Assembly and distributes a coupon of 3 pounds per share

Published on : 2020-03-30


The ordinary general assembly of Egypt Gas Company approved the profit distribution account for the last year.


The company said in a statement to the Egyptian Stock Exchange today, that the general assembly agreed to distribute 72 million pounds to shareholders by 3 pounds per share, divided between the Egyptian Natural Gas Holding Company with a value of 57.6 million pounds, and other shareholders at 14.4 million pounds.


 The General Assembly approved the report of the Board of Directors and the financial statements for the past year, and decided to vacate the party’s board for the period.


 At the level of the extraordinary assembly, it agreed to amend articles (1-3) of the articles of association regarding the purpose of the company, and to amend article (4) of the basic system regarding the determination of the location of the activity.


 It also decided to amend articles (6-7) of the articles of association regarding increasing the capital of licenses, from 500 million pounds to one billion pounds, and increasing the issued and paid capital of the company from 240 million pounds to 480 million pounds.


 It also agreed to amend articles (37-39-40-42-55) of the articles of association.


 During 2019, the company achieved profits of 164.96 million pounds during the period from January to last December, compared to profits of 35.16 million pounds in 2018.


 The company's revenue increased during the past year to 3.75 billion pounds, compared to revenues of 2.59 billion pounds in the previous year.

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