Egypt: EGX approves Orascom Financial Holding's capital reduction
Cairo – The Listing Committee of the Egyptian Exchange (EGX) approved for Orascom Financial Holding to shrink its capital by EGP 138.18 million.
The capital cut transaction will be carried out by cancelling 445.75 million treasury shares at a nominal value of EGP 0.31 per share, according to a bourse filing.
Following the reduction process, Orascom Financial Holding’s issued and paid-up capital will stand at EGP 1.48 billion, compared with the current EGP 1.62 billion.
It is worth noting that the committee passed its approval on 13 December 2023.
During the first nine months (9M) of 2023, the listed company turned to net profits in its consolidated and standalone income statements.