Orascom Financial acquires 29.2% of Sarwa Capital shares

CAIRO – 11 February 2021: Orascom Financial Holding Company – the company resulted from the division of Orascom Investment Company - has acquired 29.25 percent of the shares of Sharwa Capital Holding for Financial Investments, Beltone Securities Brokerage announced Thursday

Beltone announced earlier that  Orascom Investment Holding sold its entire stake in Sarwa Capital Holding for Financial Investments.

The company stated in a statement to the Egyptian Stock Exchange (EGX) that Orascom Investment has sold 350.08 million shares of Sarwa Capital, which represents its entire stake in the company by 29.25 percent.

It added that the total value of the deal amounted to LE 1.6 billion, with an average selling price of LE 4.58 per share.

EGX announced the implementation of a deal through the mechanism of large-scale deals during Thursday's session, on the shares of Sarwa Capital Holding Company for Financial Investments, for 350.08 million shares, with a total value of LE 1.6 billion.

This comes in light of the division of Orascom Investment Holding Company according to the method of horizontal division of the book value of the share.

During the first nine months of 2020, Sarwa Capital achieved profits of LE 202.24 million during the nine months ending in September 2020, compared to profits of LE 292.22 million in the comparative period of 2019, taking into account the minority rights.

The sales revenue of the company's goods and services declined during the period to 1.92 billion pounds, compared to sales of 1.94 billion pounds in the comparative period last year.

As for standalone results, the company achieved profits amounting to LE 3.72 million in the first nine months of this year, compared to profits amounting to LE 75.3 million in the comparative period last year.