Orascom Investment Holding (OIH) [OIH.CA] requested the approval of the Financial Regulatory Authority (FRA) to submit a voluntary tender offer to acquire a non-controlling stake in Sarwa Capital (Sarwa) through one of two options: i) buying c216mn shares at the IPO price of EGP7.36; or ii) buying between c144-216mn shares at the price of EGP6.62/share, provided that OIH would have the right to withdraw the offer if the number of subscribed shares fell below that range. This is part of OIH’s strategy to expand in the retail sector, which it sees as the future in Egypt, according to the company’s CEO, Tamer El Mahdy.
 
Orascom Investment Holding SAE: EGP0.56 as of 31 Oct. 2018, Rating: Sell, TP: EGP0.53/share, MCap: USD163mn, OIH EY/OIH.CA