The company added in a filing to the Egyptian Exchange (EGX) that the net proceeds of the aforementioned sale amounts to approx. $35 million and equivalent to approx. LE550 million.
The contract is to raise the efficiency and modernize the existing facilities, equip them with the latest devices, decorations and modern furniture, and implement light facilities to serve visitors while preserving the archaeological and historical character of the area.
On February 7, Orascom Investment Holding Company submitted a request to the Egyptian Exchange (EGX) to stop dealing in the company's shares as of the beginning of the trading session next Thursday.
Orascom Investment has sold 350.08 million shares of Sarwa Capital, which represents its entire stake in the company by 29.25 percent.
It added that, on the same date, deposits' certificates will be suspended on the London Stock Exchange, until the shares of the two companies are allowed to trade on the Egyptian Stock Exchange.
The company’s indicators showed that the operating profits hit LE 729.28 billion during the 2020 period, compared to LE 788.65 billion during the compared period of 2019.
The company’s indicators showed that the operating profits hit LE 272.17 billion during the 2020period, compared to LE 322.27 billion during the compared period of 2019.
As per standalone results, Orascom turned into loss by LE 253.33 million in 2019, compared to profits of LE 58.79 million during 2018.
As per standalone results, Orascom turned into loss by LE 295.19 million, compared to profits of LE 175.1 million during January-September period of 2018.
It also approved to grant a shareholder’s loan to its subsidiary Beltone Financial Holding amounting to $1.55 million.
The price of the deal will be LE 7.36 per share as a result of the attaining of the first case of the acquisition.
Beltone Financial Holding announced that OPR market will be opened to Orascom offerfrom November 28 toDecember 11, 2018.