Back to the complete issue
Wednesday, 17 February 2021

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.