The Board of Directors of Orange Egypt agreed to increase the issued capital of the company from EGP 1bn to EGP 16.4bn in nominal value per share at a meeting of the Board of Directors on Friday, 3 November.
The Board of Directors also approved the increase of the authorized company’s capital from EGP 3bn to EGP 20bn by inviting shareholders to subscribe to the increase in the par value of the share, in addition to the issuance expenses of the increase shares.
The shares of the increase shall be paid separately from the original share. The increase in the issued share capital shall be made either in cash or through the use of the cash owed to the shareholders before the company.
The meeting was also called upon to invite the Extraordinary General Meeting of the Company to discuss the increase in the Company’s authorized capital as well as the increase in the issued share capital by inviting the shareholders to subscribe to the increase in nominal value of the share and to authorize the Board of Directors to amend Articles 6, in accordance with the result of the subscription to the increase, after the approval of the Listing Committee of the Egyptian Stock Exchange (EGX) to publish the disclosure report on the screens of trading and proceed in the increase procedures.
Orange is one of the world’s leading telecommunications companies with revenues of €40.9bn in 2016 and employs 154,000 people around the world on March 31, 2017, including 95,000 in France. With its presence in 29 countries,
Orange has a total customer base of 265 million customers worldwide on March 31, 2017, including 203 million mobile phone customers and 19 million fixed broadband customers. Orange is also the leading provider of Information and communications technology (ICT) services to multinational companies, under the brand Orange Business Services.
In March 2015, the group introduced its new strategic “Basics 2020” strategy that puts customers’ experience at the centre of their strategy to allow them to take full advantage of the digital world and the power of their new network generation.