According to its Q1 earnings report released in June, the separation was unanimously approved at a May Extraordinary General Meeting of shareholders. The General Authority for Investment (GAFI) is currently reviewing the proposal and the transaction is expected to be completed sometime in the third quarter. For additional information on the demerger, check out the dedicated company webpage.
Here is a somewhat recent favorable valuation piece on the stock which does an excellent job of glossing over the high country risk by mentioning it briefly (and dismissing it) in the very last paragraph. Personally, I think country risk is quite important and quite high in this case which should lead to lower multiples than comparable US companies. Although interesting, I am going to agree with the Inelegant Investor on this one and also place it my ‘too hard’ pile. If enough people do that though…
Disclosure: Author holds no position in any stock mentioned.