The Extraordinary General Assembly of Orange Egypt for Telecommunications (EGX:OREG) approved to optionally write off the company's shares from the Egyptian Exchange (EGX).
The company clarified in a filing to EGX that the assembly agreed to buy shares of shareholders who objected to the decision and are negatively affected, in accordance with Article 55 of the Listing Rules.
“It is expected that the optional write-off procedures will be presented for the extraordinary General Assembly by the end of December 2018 maximum,” the statement read.
The consolidated loss of the company decreased during the first half of 2018 by 77 percent, recording LE 253 million, compared to a loss of LE 1.1 billion in the same half of 2017.
As per the standalone results, the loss decreased 73.9 percent to reach LE 264 million, compared to LE 1.01 billion during the same period of 2017.
During the first quarter of 2018, the company turned into profitability, recording a consolidated profit of LE 15.9 million, compared to LE 300.6 million during the first three months of 2017.
Founded in 1998, Orange operates within the telecommunication services sector focusing on wireless telecommunication services. It has six subsidiaries operating across Egypt.
