Orange Egypt mulling a return to EGX, to invest EGP 5.3 bn this year

IPO WATCH- Orange Egypt mulls re-listing, plans to invest EGP 5.3 bn this year: Our friends at Orange Egypt are looking into a potential return to the EGX, CEO Yasser Shaker tells Reuters. The company’s board of directors agreed to voluntarily delist from the exchange last year after failing to meet the EGX’s new requirements on minimum free float. Shaker did not provide further details on the MNO’s potential return to the public market, but said Orange is planning to invest EGP 3.8 bn this year in network improvements and a further EGP 1.5 bn in upkeep. Orange had been recording losses since 2016 on the back of the float of the EGP and subsequent interest rate hikes, but is set to report positive results beginning with 1Q2019, Shaker said.