October 21, 2020

OIH's shareholders approve horizontal demerger


ArabFinance: Orascom Investment Holding's (OIH) the extraordinary general meeting approved the restructuring alternative by virtue of which a horizontal demerger will occur, according to OIH’s October 20th statement the Egyptian Exchange.

The demerger will take place on the company's book value and according to its 2019 financial statements, resulting in having two companies.

The demerged company, OIH, will remain existing while maintaining all the investments it holds in its nine subsidiaries.

OIH’s Chairman Naguib Sawiris considers listing only financial sector company of the Egyptian Exchange, either Orascom Financial Holding (OFH), Beltone Financial Holding, or Sarwa Capital.

OIH, formerly Orascom Telecom Media and Technology Holding, is an Egypt-based holding company engaged in the telecommunications sector. The company’s activities are mainly divided into its global system for mobile communications, media and technology, cable, energy, financial, real estate, and entertainment businesses.

arabfinance


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