Orange Egypt’s capital increase gets regulatory approval
The Financial Regulatory Authority (FRA) approved Orange Egypt’s [OREG.CA] capital increase to EGP16.4bn from EGP1bn, through the issuance of 1.54bn new shares at a par value of EGP10/share, according to Al Mal. Grant Thornton was appointed by Orange Egypt as an independent financial adviser to conduct a fair value study, to be concluded on 21 Dec 2017. This came at the request of FRA because of unjustified fluctuations in Orange Egypt’s share price. The ex-rights date was set for end of trading on 24 Dec 2017.
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