FRA approves Orascom’s offer to buy stake of Sarwa, OPR market opened Dec.28

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Mon, 26 Nov 2018 - 12:24 GMT

FILE - Employees in the EGX following performance of the trading session on December 12, 2017

FILE - Employees in the EGX following performance of the trading session on December 12, 2017

CAIRO – 26 November 2018: The Financial Regulatory Authority approved Orascom Investment Holding’s offer to make an optional purchase offer to acquire a non-controlling stake in Sarwa Capital Holding.

Beltone Financial Holding announced that OPR market will be opened to Orascom offer from November 28 to December 11, 2018.

Beltone added in a statement that the average targeted price of Sarwa’s share from the start of trading until a day before the offer issuance is LE 6.3.

Beltone Investment Banking was acting as Sarwa’s IPO Sole Global Coordinator and Bookrunner.

On Oct. 31, Orascom Investment Holding applied to the Financial Regulatory Authority for an approval to make an optional purchase offer to acquire a non-controlling stake in Sarwa Capital Holding.

In a filing to the Egyptian Exchange (EGX), the financial authority announced that Orascom intends to make an optional purchase offer for two cases: the first is to acquire 216.03 million shares at the offer price of LE 7.36, and the second is to acquire from 144.02 million shares to less than 216.03 million shares at a price of LE 6.62 per share.

According to the statement, Orascom Investment has the right to accept or reject the purchase of shares offered if the number of shares came less than 144.02 million shares.

Orascom offers to buy non-controlling stake in Sarwa Capital

CAIRO - 31 October 2018: Orascom Investment Holding applied to the Financial Regulatory Authority for an approval to make an optional purchase offer to acquire a non-controlling stake in Sarwa Capital Holding.




Trading on Sarwa Capital shares on EGX started Monday, October 15, after offering around 295.2 million of its shares on EGX, representing 47.2 percent of the company’s capital, at a price of LE 7.36 per share, reaching a total value of LE 2.2 billion.

Trading on Sarwa Capital starts Monday

CAIRO - 15 October 2018: Trading on Sarwa Capital shares on the Egyptian Exchange started Monday, October 15, recording LE 6.67 per share at 1:09 p.m.(CLT), and losing 9.74 percent of its opening price after trading on 12.39 million shares with a turnover of LE 82.68 million.




On Nov.6, The Financial Regulatory Authority (FRA) accused Beltone of irregularities in the IPO procedure of Sarwa Capital. The board of FRA decided on Thursday, Nov. 1 to suspend Beltone from covering and promoting initial public offerings (IPOs) for a six-month period.

Beltone commented on the decision by saying that FRA’s decisions are surprising and that the company is yet to be informed of reasons for their issuance and their stipulations.

Sarwa Capital's IPO prospectus witnesses no irregularities: Beltone

CAIRO - 6 November 2018: Head of Investment Banking at Beltone Financial Holding Sobhy el-Sehrawy said that the prospectus of Sarwa Capital's initial public offering (IPO) did not contain irregularities, according to Reuters. He added that his company received 10 mandates from companies for share offerings, acquisitions and other services.




Sarwa Capital is a provider of consumer and structured finance solutions in Egypt, while Orascom Investment Holding works in the fields of GSM, media, cables and mobile communications in Egypt, North Korea and Lebanon.

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