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Sawiris studies listing 1 company on EGX instead of 3

Sawiris studies listing 1 company on EGX instead of 3

ArabFinance: Orascom Investment Holding (OIH) Chairman Naguib Sawiris considers listing only one financial sector company on the Egyptian Exchange, either Orascom Financial Holding (OFH), Beltone Financial Holding, or Sarwa Capital, Hapi Journal website reported.

"We have been studying the best way to manage all our current and future investments in the financial sector, " Sawiris noted.

He added, "The matter will be discussed with Beltone and Sarwa Capital’s boards to decide on the company that is most appealing to EGX investors." 

Sawiris unveiled the intention to increase his stake in Sarwa, noting that the increase of free float shares will boost the liquidity of Sarwa’s stock.

OIH's board of directors approved a restructuring alternative by virtue of which a horizontal demerger will occur.

The demerged company, OIH, will remain existing, while maintaining all the investments it holds in its nine subsidiaries.

The demerging company, OFH, will be a new legal entity in the form of a joint-stock business “participating in the incorporation of all companies that issue financial securities or in the increase of their capital shares which operate in the field of financial services”.

OIH, formerly Orascom Telecom Media and Technology Holding, is an Egypt-based holding company engaged in the telecommunications sector. The company’s activities are mainly divided into its global system for mobile communications, media and technology, cable, energy, financial, real estate, and entertainment businesses.

 

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