Orange Egypt (OREG.CA) is preparing for the final approval for its planned EGP15bn capital increase by capitalising two shareholder loans, worth a combined EUR750mn into capital, thereby increasing the company’s paid-in capital to EGP16.4bn from EGP1bn, Al Borsa quoted the company’s CEO, Jean Marc Harion, as saying. The capitalisation of the shareholder loan will lead to a decline in total debt to cEGP5bn from cEGP20bn currently, and will result in a c50% decline in annual interest expenses starting 2018, according to the CEO. Orange was given a grace period of six months (until 15 May 2018) by the Egyptian Exchange to normalise its listing status, and the company is studying various alternatives to rectify the situation, Harion added.