Orange Egypt looking to convert parent company loan to equity

Orange Egypt said it is working closely with the EGX and the Financial Regulatory Authority (FRA) to complete a capital increases through converting a EUR 750 mn loan from its parent company to capital, according to a bourse disclosure. The company’s EGM will meet on 4 December to approve the move. The company says it aims to expand its shareholder base and abide by bourse listing regulations regarding the minimum number of shares that need to be in free float.