The Egyptian Kuwait Holding Company (EK) has agreed to purchase a further 10 percent of Egyptian National Gas (NATGAS)’s stakes, increasing its share in the company to 66.95 percent, stated an EK source.
EK Holdings is an Egyptian investment company, co-founder of and a majority shareholder in NATGAS. Its transfer of 18 per cent of shares to Shell is in line with its strategy to strengthen the shareholding through the participation of major international energy companies.
NATGAS is a privately owned company that was awarded the largest gas concession to build and operate distribution networks in Greater Cairo, Alexandria and other industrial cities in Egypt. NATGAS has a paid in capital of 200 million Egyptian pounds ($33.5 million). — (menareport.com)
© 2003 Mena Report (www.menareport.com)
