Cairo – Mubasher: Orascom Investment Holding’s (OIH) board of directors decided to appoint an independent advisor to reassess the fair value (FV) of Nile Sugar that OIH seeks to acquire.
The FV will be reset in accordance with Nile Sugar’s audited financial statements for fiscal year ended 31 December 2018 and the financial statements issued by OIH management for the same year, OIH said in a statement on Monday.
OIH’s board previously approved to raise the company’s capital to EGP 6.25 billion following the acquisition of Nile Sugar.
The board had endorsed the independent financial advisor’s report on the FV of Nile sugar of EGP 2.84 per share or EGP 3.76 billion.
Earlier this month, Orascom Investment revealed it was in talks with Nile Sugar to acquire 1.32 billion shares of the latter and settle around EGP 3.66 billion of its current shareholders’ loan.
Orascom last reported it logged EGP 865.59 million in consolidated profits for 2018, versus EGP 453.12 million in 2017, including minority shareholders’ rights.
