Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request to amend the authorised capital of Orascom Investment Holding (OIH) (the demerged company) to EGP 2.5 billion and Orascom Financial Holding (the demerging company) to EGP 8 billion.

The authority approved to publish the disclosure form that includes the board’s demerger decision on 26 July submitted to the extraordinary general meeting (EGM) for approval, according to a bourse disclosure on Sunday.

The board recommended a plan to demerge the company horizontally to a specialised entity in various investments and another entity specialised in financial services.

During the first three months of 2020, OIH turned to net profits of EGP 51.63 million, against net losses of EGP 78.86 million in the year-ago period, including minority shareholders’ rights.