EKH subsidiary raises stake in North Sinai offshore concession
EKH’s unit raises stake in NSCO Investments.
Egypt Kuwait Holding (EKH) on Tuesday said that one of its subsidiaries has increased its stake in NSCO Investments Limited, which owns an offshore gas field in Northern Sinai.
EKH’s unit has raised its stake to 99.997% from 40% by the subscription in capital increase of $20 million, the company added in a filing to the Egyptian Exchange (EGX).
Given that EKH previously posted a 92.7% year-on-year hike in profits for the full year 2017, recording a net profit of $138.18 million last year, versus $71.7 million a year earlier.