Cairo – Mubasher: The Egyptian Exchange (EGX) on Sunday announced that it has suspended trading on Orascom Investment Holding’s (OIH) stock as of Sunday, 23 September 2018.
The Egyptian bourse’s decision came after Naguib Sawiris, chairman of OIH, announced that his company has obtained the United Nations’ (UN) approval regarding its investments in North Korea’s Koryolink.
“The United Nations just approved the exemption for Koryolink! Our mobile phone operation in North Korea ...May peace prevail,” Sawiris said on Twitter.
Earlier in September, Telecom Egypt revealed that it has acquired Middle East and North Africa Submarine Cable (MENA Cable) from OIH through its subsidiary Egyptian International Submarine Cable Company (EISCC) at a total value of $90 million.
By the end of Thursday’s session, OIH’s stock fell 8.77% at EGP 0.52.
