Orascom Investment’s subsidiary to work in North Korea

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Mon, 31 Dec 2018 - 08:23 GMT

FILE – Orascom

FILE – Orascom

CAIRO – 31 December 2018: Orascom Investment Holding (OIH) announced receiving a letter from the General Authority for Investment and Free Zones (GAFI), stating the approval of the Security Council to exclude its subsidiary from a ban on foreign investment in North Korea.

The company added in a filing to the Egyptian Exchange (EGX) that the authority had decided to allow the company to continue its activity in North Korea with the stipulation that it is a telecommunications infrastructure company providing public services to citizens in Korea.

The company stated that it does not need any additional approvals or exemptions from the Security Council to conduct its business and local and international transactions in various activities.

Head of OIH’s board of directors, Egyptian businessman Naguib Sawiris, unveiled a UN amnesty for Coriolink, a subsidiary of Orascom Investment Holding.

Orascom Telecom, which later turned to Orascom Investment Holding, had removed Coriolink's assets from its budget for some time because it could not transfer funds from its subsidiary because of political problems in North Korea.

Earlier this month, The company signed a contract with the Supreme Council of Antiquities to provide Giza Pyramids' visitors with services, with the council having the sole right to manage the area.

The contract stipulates that Orascom Investment Holding will also establish 20 mobile toilets and a mobile medical center for visitors, in addition to launching a number of entertainment activities in front of the new Fayoum entrance.

Orascom Investment Holding to provide Giza Pyramids' visitors with services

CAIRO - 16 December 2018: With a need to ensure that the Pyramid area is inclusive and has cafes, restaurants and many services to allow visitors to enjoy their visit comfortably and happily, the Supreme Council of Antiquities signed a contract with Orascom Investment Holding to provide Giza Pyramids' visitors with services, with the council having the sole right to manage the area.




The Egyptian Exchange announced on Dec. 12 that the total amount of initial offers that responded to Orascom Investment Holding Company’s optional purchase offer of Sarwa Capital Holding reached 261.822 million shares by the end of its validity period on Dec. 11.

The price of the deal will be LE 7.36 per share due to attaining the first case of the acquisition, acquiring 216.03 million shares at a price of LE 7.36, representing 30 percent of the issued capital.

261.8M shares respond to Orascom Investment's offer to acquire Sarwa Capital

CAIRO - 12 December 2018: The Egyptian Exchange announced that the total amount of initial offers that responded to Orascom Investment Holding Company's optional purchase offer of Sarwa Capital Holding reached 261.822 million shares by the end of its validity period on Dec. 11.



Orascom Investment Holding works in the fields of GSM, media, cables and mobile communications in Egypt, North Korea and Lebanon.

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