“Orascom”: We are Studying to Invest in “The United Bank”
Orascom Investment Holding owned by businessman Naguib Sawiris is considering investing in The United Bank.
In response to the Egyptian Stock Exchange’s inquiry regarding the procedures for dividing the company, the company said that the divided and divided company is studying all available alternatives, in line with the investment strategy of both companies, including studying investment in the United Bank.
In addition to studying the entry of Aura Real Estate Investment Company, under the umbrella of Orascom Investment Holding, and studying investment in the multimodal transport project proposed by the ministries of the business sector and transportation. The divided company will also study the sufficiency of listing one financial company on the stock exchange after completing the division process.
Sources related to the file said that there are obstacles in the way of a non-bank financial company acquiring a bank in Egypt, given the obstacles related to the approval of the Central Bank and the controls it requires in those who own 10% or more of bank shares in terms of classification and solvency.
She stated that the new controls set for whoever owns the banks have not been issued yet, and this is evidence that Orascom’s intentions are still in very early stages.
The company indicated that if the Orascom Investment Management finds the investment feasibility from the results of the studies referred to, it will present it to the company’s board of directors, who in turn will present them to the general assembly for a vote.
Earlier, the company revealed a study of dividing the company into two companies, with the aim of improving the financial position of the two divided and divided companies, through the distribution of assets and liabilities according to the field of activities of the subsidiaries of each company.
"Orascom": We are Studying to Invest in "The United Bank" - /10