Cairo – Mubasher: Orascom Investment Holding (OIH) sold its entire stake of 29.25% in Sarwa Capital Holding for Financial Investments.

The deal involved the trading of 350.08 million shares at a total value of EGP 1.6 billion, averaging EGP 4.58 per share, Sarwa Capital said in a bourse disclosure on Thursday.

Beltone Securities Brokerage acted as a broker in the transaction.

This is part of the horizonal demerger conducted by OIH to spin out several financial services companies into Orascom Financial Holding (OFH).

Sarwa Capital said in a separate statement that the spinoff company OFH purchased 350.08 million shares or 29.25% in Sarwa Capital for a value of EGP 1.6 billion.

During the first nine months of 2020, Sarwa Capital Holding reported net profits of EGP 202.24 million, down from EGP 292.22 million in the year-ago period, including minority shareholders’ rights.