Cairo – Mubasher: Orascom Investment Holding (OIH) announced that its board of directors has approved granting an interest-free loan worth $1.55 million (EGP 25.7 million) to Beltone Financial Holding.
The loan will be used to finance the capital increase of Auerbach Grayson & Company LLC, Orascom said in a statement to the Egyptian Exchange (EGX) on Tuesday.
The board of directors has also turned down the offer to acquire Nile Sugar Company, the statement added.
During the first quarter of 2019, the company’s net losses dropped by 35.1% to EGP 78.86 million from EGP 121.52 million, including minority shareholders’ rights.
The Cairo-based firm owned by billionaire Naguib Sawiris generated EGP 408.98 million in revenues in Q1-19, compared to EGP 409.52 million in Q1-18.
