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EGX oks listing shares of OIH, OFH after demerger

EGX oks listing shares of OIH, OFH after demerger

ArabFinance: The Egyptian Exchange’s (EGX) approved the listing of the shares of Orascom Investment Holding (OIH) after slashing the authorized capital to EGP 2.88 billion from EGP 22 billion following the demerger, according to a disclosure on February 16th.

The share’s nominal value will be reduced to EGP 0.11 from EGP 0.42 after the issued capital has been decreased to EGP 577.02 million from EGP 2.2 billion.

In a separate statement, the EGX greenlighted the listing of the shares of Orascom Financial Holding (OFH) resulted from the demerger of OIH.

OFH’s shares will be listed with an authorized capital of EGP 8.13 billion and issued capital of EGP 1.62 billion, distributed over 5.24 billion shares at a nominal value of EGP 0.31 per share.

Shares will be listed as of the beginning of trading session on Wednesday, February 17th.

Earlier, OIH submitted a request to the EGX to stop trading on the company’s shares, starting from February 11th, in preparation for the scheduled split.

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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