EGX resumes trading on Orascom Investment shares

BY

Wed, 17 Feb 2021 - 10:36 GMT

Traders work at the Egyptian stock exchange in Cairo- REUTERS

Traders work at the Egyptian stock exchange in Cairo- REUTERS

CAIRO - 17 February 2021: The Egyptian Exchange (EGX) decided, Wednesday, to resume trading on Orascom Investment Holding shares on February 17, 2021 trading session.

 

On February 7, Orascom Investment Holding Company submitted a request to the Egyptian Exchange (EGX) to stop dealing in the company's shares as of the beginning of the trading session next Thursday.

 

The company clarified in a filing to EGX that the suspension of trading will start from Thursday until the issuance of the Stock Exchange Registration Committee’s decision to restrict the capital reduction of Orascom Investment - the dividing company - and to list the shares of Orascom Financial Holding - the divided company - on the stock exchange list, and re-trade the shares of the shareholder company. , and start trading of split shares.

 

It added that, on the same date, deposits'  certificates will be suspended on the London Stock Exchange, until the shares of the two companies are allowed to trade on the Egyptian Stock Exchange.

 

“The distribution of the names of the owners of the company's shares will be counted after the suspension of trading at the end of the trading session on Wednesday, February 10, which is the date on which the shareholders are the owners of the shares of the two companies,” it clarified.

 

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.

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