Orascom acquires all shares of Nile Sugar with total value of EGP3.5bln

Big 5

Orascom Investment Holding (OIH)’s board of directors approves acquiring all the outstanding shares of Nile Sugar at purchased price of 3.591 billion Egyptian pounds.

In addition, OIH will settle the current shareholders’ loans with aggregate amount of 70 million pounds that will be paid upon completion of transaction.

The company shall issue promissory notes with amount of remaining 90% of purchase price as a guarantee for payment in favor of the sellers

BoD  ratifies the valuation  made by BDO Financial Services  to the determination of the fair value of the shares of Nile Sugar Company at EGP 2.84 with total value of 3.761 pounds.

OIH is currently prioritizing investment in the financial, real estate, agriculture, and logistics sectors.

Comments
Loading...