It also approved to grant a shareholder’s loan to its subsidiary Beltone Financial Holding amounting to $1.55 million.
As per standalone results, Orascom recorded a loss of LE 129.57 million, compared to LE 33.96 million during the first quarter of 2018.
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.
As per standalone results, Orascom Investment accomplished profits of LE 58.79 million in 2018, compared to LE 606.14 million in 2017, with a decline of 90.3 percent.
The company stated that it does not need any additional approvals or exemptions from the Security Council to conduct its business.