ArabFinance: Orascom Investment Holding’s (OIH) the extraordinary general meeting approved the restructuring alternative by virtue of which a horizontal demerger, according to OIH’s October 20th statement the Egyptian Exchange.

The demerger will take place on the company's book value and according to OIH's 2019 financial statements, resulting in having two companies.

The demerged company, OIH, will remain existing while maintaining all the investments it holds in its nine subsidiaries.

OIH announced the financial statements of the demerging and demerged companies. Based on the 2019 financial statement, the shareholders' equity and liabilities of OIH amount to EGP 2.18 billion and EGP 2.4 billion for the demerging company.

OIH’s Chairman Naguib Sawiris considers listing only one financial sector company on the Egyptian Exchange, either Orascom Financial Holding (OFH), Beltone Financial Holding, or Sarwa Capital.

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.