Arab Finance: Orascom Investment Holding’s (OIH) board of directors approved an €81.71 million non-interest-bearing loan provided by the company’s subsidiary CHEO Technology, according to a filing to the Egyptian Exchange (EGX) on Tuesday.
The loan amount will be transferred and deposited in OIH’s bank account in the Democratic People's Republic of Korea.
Moreover, the board also approved a treasury share purchase with a maximum number of 524.569 million shares, representing a maximum of 10% of the company’s total issued shares and traded in EGX.
OIH, formerly Orascom Telecom Media and Technology Holding, is an Egypt-based holding company engaged in the telecommunications sector.
It mainly engages in global systems for mobile communications, media and technology, cable, energy, financial, real estate, and entertainment businesses.