Cairo – Mubasher: The board of Orascom Investment Holding (OIH) has agreed to obtain a $170 million term loan financing from the African Export-Import Bank (Afreximbank).
The board has approved to sign a facility agreement to document the terms and conditions of the financing, the Egyptian giant owned by billionaire Naguib Sawiris said in a statement on Wednesday.
Additionally, the board also agreed to ink all financing documents and other transaction and collateral documents, according to the statement.
OIH previously posted a 346% year-on-year hike in consolidated profits for the first nine months of 2018.
The company logged EGP 1.07 billion in profits for the nine-month period ended September, versus EGP 239.9 million in the prior-year period, according to a filing to the Egyptian Exchange (EGX).
On the other hand, the company’s standalone profits eased to EGP 175.1 million at the end of September from EGP 296.7 million in the corresponding nine-month period of 2017.
