Cairo – Mubasher: Orascom Investment Holding’s (OIH) board of directors proposed to raise the company’s capital to EGP 6.25 billion following the acquisition of Nile Sugar.

The general assembly will be invited to vote for the capital increase after the completion of the acquisition transaction, the company added in a statement to the Egyptian Exchange (EGX) on Sunday.

The capital hike will be implemented with the nominal value following the approval of shareholders, the Egyptian giant owned by billionaire Naguib Sawiris noted.

It is worth noting that the company’s board previously approved the independent financial advisor’s report on the fair value (FV) of Nile sugar of EGP 2.84 per share or EGP 3.76 billion.

Last week, Orascom Investment revealed it was in talks with Nile Sugar to acquire 1.32 billion shares of the latter and settle around EGP 3.66 billion of its current shareholders’ loan.

Earlier this month, Orascom reported an EGP 865.59 million in consolidated profits for 2018, versus EGP 453.12 million in 2017, including minority shareholders’ rights.