Cairo –Mubasher: Orascom Investment Holding on Sunday said that the Egyptian General Authority for Investment (GAFI) has allowed the company and its subsidiary to maintain its operations in North Korea.
This decision came after the United Nations Security Council (UN) agreed to exclude the Egyptian firm’s subsidiary, Koryolink, from the ban on foreign investments in North Korea, Orascom Investment added in a statement to the Egyptian Exchange (EGX).
The GAFI allowed Orascom Investment to continue its operations in North Korea as Koryolink is a telecommunications infrastructure company providing public services to North Korean citizens, the company added, highlighting that it did not need any additional approvals or exclusions from the UN to facilitate its domestic and international businesses.
In September, Egyptian businessman and Orascom Investment chairman Naguib Sawiris asked the UN for amnesty for Koryolink.
Orascom Investment previously reported logging EGP 1.07 billion in profits for the nine-month period ended September, versus EGP 239.9 million in the prior-year period.
