The Egyptian Natural Gas Company (GASCO) has sold 11% of its stakes in it Town Gas’s shares to Egypt Gas, the company announced in a statement.

The acquisition, estimated at EGP 19.4 million, will increase the total stakes of Egypt Gas from  Town Gas from 30% to 41%.

It is worth noting that board of directors of Egypt Gas had approved on 31 December 2017, the purchase of 11% from  GASCO’s stake in Town Gas with costs of EGP 16.2 million .