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English news

12-Feb-2019

OIH, Prism agree to settle disputes with government on Sound and Light project

Orascom Investment Holding (OIH) [OIH.CA] and Prism International (Prism) have reportedly agreed preliminarily on settling disputes with the government regarding the Sound and Light project at the Pyramids of Giza. Sound and Light, a subsidiary of the Ministry of Public Enterprises, is demanding a compensation of EGP100mn from Prism and another EGP100 from Orascom Prism Pyramids, the combined entity between OIH and Prism that was meant to develop the project. At the end of 2018, OIH said it would file charges against Prism, requesting a compensation against EGP30mn of investments it undertook for the project. (Al Mal) 
 
Orascom Investment Holding SAE: EGP0.63 as of 11 Feb. 2019, Rating: Sell, TP: EGP0.53/share, MCap: USD189mn, OIH EY/OIH.CA