Cairo – Mubasher: The board of Orascom Telecom Media and Technology Holding has agreed on establishing an Egyptian joint-stock company with the contribution of 124.2 million shares.

This company will be set up for performing, designing, and managing sound and light shows, Orascom Telecom highlighted in a statement to the Egyptian Exchange (EGX) on Monday.

The board assigned CEO Naguib Sawiris, managing director Tamer Mokhtar El Mahdy, or Osama Danial Naseef to represent Orascom and sign for the establishment of the new firm on behalf of the company.

The EGX-listed company’s issued capital amounts to EGP 2.2 billion distributed over 5.2 billion shares at a nominal value of EGP 0.42.

Orascom Telecom achieved profits of EGP 359.3 million in the six-month period ended June 2017, versus EGP 8.04 million in the prior-year period, including minority shareholders' rights.