FILE – Orascom Investment
CAIRO –8 April 2019: The board of directors of Orascom Investment Holding Company (OIH) proposed an increase in the company's capital to LE 6.25 billion after approval of the acquisition of Nile Sugar Company.
The company clarified in a filing to the Egyptian Exchange (EGX) that it will invite the general assembly to vote for the capital increase after the completion of the acquisition transaction.
It noted that the increase in the proposed capital will only take place after the approval of the shareholders of the company at the meeting of the general assembly.
The filing elaborated that the capital hike will be implemented with the nominal value.
On Thursday, OIH’s board of directors ratified the approval of the independent financial advisor’s report (BDO Financial Consultants), which has set the fair value of the share capital of Nile Sugar Company SAE at LE 2.84 per share with a total value of LE 3.76 billion.
It almost doubled its consolidated profits during 2018, recording gains of LE 865.59 million, compared to LE 453.13 million including minority rights during 2017, with an increase of 91 percent.
OIH’s current capital is worth LE 2.2 billion, distributed over 5.24 billion shares.
Orascom Investment Holding works in the fields of GSM, media, cables and mobile communications in Egypt, North Korea and Lebanon.