Cairo-Mubasher: Orascom Development Holding said its right issue will increase equity capital before expenses by 133.8 million Swiss francs, thereof 49.6 million Swiss francs from gross cash proceeds and 84.2 million Swiss francs from conversion of loan from major shareholder into equity.
The company added that 66.6% of the subscription rights were exercised until the end of trading on 14 December.
Shares for which rights were not exercised were purchased by Samih O. Sawiris, through controlled entity (SOS Holding), for a total amount of 44.7 million Swiss francs.
As result of transaction, Samih personally and through controlled entities, will now own 72.6% of all issued shares of the company
