Dividing “Orascom” into a diversified investment company and another for financial activities

Dividing “Orascom” into a diversified investment company and another for financial activities

Orascom Investments revealed a proposal to restructure the division of the company into a company that specializes in diversified investments and another that specializes in financial activities.

In a statement sent to the Egyptian Stock Exchange on Monday, Orascom Investment said that it will result in a restructuring of Qasima (Orascom Investment Holding), and will maintain its owned investments in subsidiaries, which engage in various investment activities, of the number of 9 companies.

The statement pointed out that the other divided company (Orascom Financial Holding) is a new legal entity, in the form of an Egyptian joint stock company, the purpose of its incorporation is to participate in the establishment of companies that issue financial papers, or to increase their capital, which operates in the areas of financial activities.

The statement indicated that the investments owned by Orascom Investment Holding in subsidiary companies that engage in financial activities will be transferred to the divided company, especially the company's contribution to Beltone Financial Holding Company, and Tharwa Capital Holding Company for Financial Investments, as well as a current account due to Orascom Investment Holding Company from Victoire Investment.

The shares of the divided company (Orascom Financial Holding) will be registered with the Egyptian Clearinghouse, Central Depository and the Egyptian Stock Exchange, upon completion of its establishment procedures, its registration in the commercial registry, the issuance of a license to practice its activity, and the EFSA's reluctance to submit an application for registration on the Egyptian Stock Exchange, And register it in the record of the Financial Supervisory Authority.

During the trading today, the share of Orascom Investment Holding Company rose by 8.9%, to record 0.42 pounds, to be among the highest gainers during the session.

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