ODH to issue Egypt depositary receipts

Swiss-based Orascom Development Holding (ODH) has been approved to list Egypt's first depositary receipts on the country's exchange.

The developer's Egypt-listed shares, which are denominated in Swiss francs, will be suspended today and begin trading again on December 13 after they are converted to Egyptian Depositary Receipts, which will be denominated in Egyptian pounds, the firm said.

Converting the shares to depositary receipts could improve the company's liquidity in Egypt by drawing in retail investors who had been discouraged because the shares were listed in a foreign currency.

 

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