OFH shares hit the EGX today
Shares of newly spun-off Orascom Financial Holdings’ (OFH) will begin trading on the EGX today in the final step of its split from Orascom Investment Holdings (OIH), OIH said in a regulatory filing (pdf). The Financial Regulatory Authority and OIH shareholders approved the demerger late last year.
Trading of OIH’s shares on the EGX as well its global depositary receipts on the London Stock Exchange stock will also resume. Both were temporarily suspended last week pending share ownership transfers of OIH subsidiaries Beltone and Sarwa Capital as part of the demerger. Both companies will continue to trade on the main exchange, according to an EGX disclosure.
OFH owns high-profile financial industry outfits including Beltone Financial (74.5%) and tightly held Sarwa Capital (28.8%). It’s also in line to collect deferred proceeds from the sale of an investment bank, Pharos’ Bassma Bakry writes.
OIH will hold legacy assets including the group’s Pyramids Plateau tourism venture, a telecoms cable outfit in Pakistan, a real estate asset in Brazil and North Korea’s mobile network, Koryolink. Resolution on the status of Koryolink would be the “saviour” of OIH, Bakry says.