Orascom completes capital increase
Orascom Development Holding AG increased equity by CHF 133.8 million in the course of its rights offering. In the process, the company received cash and cash equivalents of 49.6 million. In addition, a loan from the main shareholder Samih Sawiris was converted into equity in the amount of CHF 84.2 million.
According to Orascom, 66.6 percent of the subscription rights had been exercised by the end of the subscription period on December 14. The remaining shares were acquired by a company controlled by Samih Sawiris, SOS Holding, for a total of CHF 44.7 million. Following the completion of the transaction, Sawiris now directly as well as indirectly holds 72.6 percent of all Orascom shares issued. (ah)
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