EGAS hikes stake in Mopco for $12.7mln

EGAS bought 12.76 million shares from the medical group in exchange for EGP 599.95 million at an average price of EGP 47 per share, according to a bourse statement

Staff Writer, Mubasher

May 30, 2024

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The Egyptian Natural Gas Holding Company (EGAS) raised its 8.46% equity ownership in Misr Fertilizers Production Company (Mopco) to 9.07%.

EGAS bought 12.76 million shares from the medical group in exchange for EGP 599.95 million at an average price of EGP 47 per share, according to a bourse statement.

Beltone Securities Brokerage was the broker for the transaction that was executed on 29 May 2024.

In the January-March 2024 period, Mopco logged net profits valued at EGP 7.64 billion, up 95% year-on-year (YoY) from EGP 3.92 billion.

Sales hiked by 220% to EGP 4.79 billion in Q1-24 from EGP 1.50 billion in Q1-23, while the earnings per share (EPS) increased to EGP 3.68 from EGP 1.89.

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