Wed, 17 Feb 2021 - 10:25 GMT
FILE - Employees in the EGX following performance of the trading session on December 12, 2017
CAIRO – 17 February 2021: Orascom Financial Holding S.A.E. (OFH) announced Wednesday that the Orascom Investment Holding (“OIH”) horizontal demerger has been successfully concluded and its financial services investments have been transferred to OFH.
OFH, which is a technology-driven financial services investment company, has a portfolio of a minority stake in Sarwa Capital, Egypt’s leading consumer and structured financial services provider, and a majority stake in Beltone Financial Holding, a regional investment bank and financial services institution.
“OFH plans to optimize its current portfolio and expand its investments into fintech, through new ventures and strategic partnerships. Our dynamic, experienced team is driven to shape the evolution of the financial services industry in Egypt, breaking down the barriers that have hindered access to the underbanked and support financial inclusion,” the company stated.
Meanwhile, the listing committee of the Egyptian Exchange (“EGX”) has issued a decision approving the listing of OFH on the EGX under the symbol OFH.CA.
“we are excited to have reached this important milestone and are confident that our team will create positive value for our portfolio companies, shareholders, and community,” Chairman Onsi Naguib Sawiris commented.
The extraordinary general assembly of Orascom Investment Holding decided to divide the company according to the method of horizontal division in the book value of the share, and to take the financial statements for the fiscal year ending on December 21, as the basis for the date of the split, so that the sharing company remains in existence and its issued capital is reduced by reducing the nominal value of its shares.
The company recorded net losses of LE 17.89 million from the beginning of January until the end of September, compared to LE 92.4 million losses during the same period in 2019, taking into account the minority rights.