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Orascom Investment to suspend trade in preparation for split

Orascom Investment to suspend trade in preparation for split

ArabFinance: Orascom Investment Holding (OIH) submitted a request to the Egyptian Exchange to stop trading on the company’s shares, starting from February 11th, in preparation for the scheduled split, according to the company’s February 7th statement to the Egyptian Exchange.  

On February 4th, the company submitted a request to the Egyptian Exchange to cut its issued capital to EGP 557.025 million from EGP 2.2 billion due to its demerge into two companies.

Accordingly, the company’s shares will be 5.245 billion at a nominal value of EGP 0.11 per share instead of 5.24 billion at a nominal value of 0.42 per share.

The issued capital of the new company, Orascom Financial Holding Company, will be EGP 1.62 billion divided into 5.245 billion shares at a nominal value of EGP 0.31 per share.

OIH reported a 53% Year on Year decline in its consolidated net loss in the first nine months of 2020, recording EGP 39.61 million, compared to EGP 84.4 million in the prior-year period.

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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