Egypt’s Orascom ratifies to borrow $170mn from Afreximbank

Egyptian Orascom Investment Holding’s board of directors approved to obtain a term facility of up to $170 million from the African Export-Import Bank (Afreximbank, the Facility).

Orascom Investment added in a filing to the Egyptian Exchange (EGX) that the board also approved a facility agreement, in addition to the entry into an execution of all finance documents as well as other transaction documents and transaction security documents.

According to the filing, the board decided to delegate and authorize Executive Chairman Naguib Sawiris or both Managing Director Tamer Mokhtar and Executive Board Member Oussama Daniel to jointly negotiate, approve and execute the facility agreement, fee letters, promissory notes and delegation letters, utilization requests, or any other finance document on behalf of the company.

The Financial Regulatory Authority previously approved Orascom Investment Holding’s offer to make an optional purchase offer to acquire a non-controlling stake in Sarwa Capital Holding.

The financial authority announced that Orascom intends to make an optional purchase offer for two cases; the first is to acquire 216.03 million shares at the offer price of 7.36 pounds, and the second is to acquire from 144.02 million shares to less than 216.03 million shares at a price of 6.62 pounds per share.

According to the statement, Orascom Investment has the right to accept or reject the purchase of shares offered if the number of shares came less than 144.02 million shares.

Orascom Investment Holding works in the fields of GSM, media, cables, and mobile communications in Egypt, North Korea, and Lebanon.

Source: Egypt Today