Orange Egypt no longer forecasts that it will achieve losses next year, according to the company’s CEO Yasser Shaker.
Shaker noted that the company’s activity grew 8% during the third quarter of the year, as reported by the Middle East News Agency (MENA).
The company will stop making losses beginning 2019, supported by new investments and activities, after recording losses of EGP 234.9 million in the nine-month period that ended 30 September 2018, compared with EGP 1.76 billion during the corresponding period last year.
Orange’s investments in network development will amount to EGP 4 billion by the end of 2018, the CEO and managing director indicated, adding that his company did not seek delisting its stock from the Egyptian Exchange (EGX) after an EGP 15 billion capital hike last December, however as traded shares were below 1% it couldn’t comply with the standard rate of a minimum 5%.
The voluntary delisting aimed at protecting the interests of small investors, said Shaker.