Cairo – Mubasher: The extraordinary general meeting (EGM) of Orascom Investment Holding (OIH) approved a sale and leaseback agreement with Beltone Financial Leasing, a subsidiary of Beltone Financial Holding and other financial leasing companies
Under the deal, Beltone Financial Leasing will finance the company with up to EGP 100 million against the sale and lease back of the 26th floor in the South Tower of the Nile City Towers, which represents more than 50% of OIH’s fixed assets, according to a bourse disclosure on Wednesday.
The repayment of the amount of financing, which will begin after a one-year grace period, will be made over seven years on 28 quarterly installments, in addition to one bullet.
The ordinary general meeting (OGM) authorised the chairman to enter into agreement to lease an office space as premises to Orascom Financial Holding (OFH) for one year. Under the deal, OIH will lease two units to OFH for a monthly rental value of $2,000.
The shareholders also approved an agreement with Beltone Financial Holding and its subsidiaries under which the latter will provide financial services for one year.
Beltone Financial Holding and its subsidiaries will receive commission of up to 5% of any closed deal.
