Cairo – Mubasher: Orascom Investment Holding’s (OIH) ordinary general meeting (OGM) approved signing an agreement to grant Beltone Financial Holding a subordinated loan.

The company’s chairman and managing director have been authorised to enter into the loan agreement with Beltone Financial Holding, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

In July, Orascom Investment Holding’s board of directors approved offering an interest-free loan worth $1.55 million (EGP 25.7 million) to Beltone Financial Holding to finance the capital increase of Auerbach Grayson & Company LLC.

During the first quarter of 2019, the company’s net losses plunged by 35.1% year-on-year, logging EGP 78.86 million from EGP 121.52 million, including minority shareholders’ rights.