Cairo – Mubasher: Orascom Investment Holding (OIH) has announced that it was negotiating with Nile Sugar Company to acquire the company’s 1.32 billion shares and settle its current shareholders' loan in consideration of EGP 3.66 billion ($211.43 million).

OIH will pay 10% of the deal’s value, or EGP 351.1 million, in addition to the settlement of the shareholders' loan, upon the conclusion of the transaction, according to a bourse statement released on Thursday.

“Remaining 90% of purchase price, amounting to EGP 3.23 billion, shall be recorded as debt on company's financial statements. Company shall issue promissory notes with amount of remaining 90% of purchase price as a guarantee for payment in favour of the sellers,” OIH added.

The investment company posted a 91% year-on-year growth in its consolidated profits for the fiscal year 2018, registering EGP 865.59 million.