Shares of newly split Orascom Financial Holdings (OFH) will begin trading on the Egyptian Exchange (EGX) on February 17th, becoming the final step of its split from Orascom Investment Holding (OIH), according to a recent statement.
Trading of OIH’s shares on the EGX and its global depositary receipts on the London Stock Exchange stock will also resume.
On February 16th, the EGX approved the listing of the shares of OIH after slashing the authorized capital to EGP 2.88 billion from EGP 22 billion following the demerge.
Earlier, OIH submitted a request to the EGX to stop trading on the company’s shares, starting from February 11th, in preparation for the scheduled split.
OIH reported a 53% Year on Year decline in its consolidated net loss in the first nine months of 2020, recording EGP 39.61 million, compared to EGP 84.4 million in the prior-year period.
OIH, formerly Orascom Telecom Media and Technology Holding, is an Egypt-based holding company engaged in the telecommunications sector. The company’s activities are mainly divided into its global system for mobile communications, media and technology, cable, energy, financial, real estate, and entertainment businesses.
