Orascom Investment Holding Company OIH decided to stop trading its shares as of February 11, until the completion of the “horizontal demerger”.
The division process includes separating Beltone Investment Bank and Sarwa Capital Holding for Financial Investments in a new entity; Orascom Financial Holding (OFH). The disclosure indicated that dealing in GDRs should be suspended on the London Stock Exchange as well, until the implementation of the split, and the shares of the divided company were recorded and trading began, and trading was resumed on the sharing company.
Onsi Naguib Sawiris, non-executive chairman of Orascom Financial Holding OFH, said in a statement to WAYA: “The main reason is that we have a different strategy now, which is to unify financial investments, because we see its importance in Egypt. As a result, it is important to have an independent company that has investments in financial activities only, with a focus on technology. Orascom Financial Holding (OFH) will invest in financial services for start-ups and consumers, while OIH will focus on the urban investment and entertainment sectors.”
Orascom Financial Holding, which is listed on the Egyptian Stock Exchange, will provide the opportunity for investors to invest in some of the major financial services companies in the Egyptian market, including Beltone and Sarwa Capital, in addition to new companies working in the same field.
The proposal to divide Orascom Investment Holding was announced for the first time in July 2020, into two companies, “Orascom Investment Holding” and “Orascom Financial Holding”. As for the scheduled date for the completion of the procedures will be on February 15th, provided that the trading on the shares of the two companies will start on the 17th February.
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