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Egyptian Orascom Investment Sells Subsidiaries for $17.8 Mln in Brazil

OIH said it will use the proceeds of the deal to develop tourist destinations and renewable energy projects.

OIH is an Egypt-based holding company listed on the Egyptian Exchange (EGX) since January 2012. It operates primarily within the telecommunication services sector and real estate.

The company is chaired by Naguib Sawiris and owned by the OTMT Acquisition, which was established in Luxembourg by the Sawiris family.

The three billionaire Sawiris brothers – Naguib, Nassef, and Samih – are among Egypt’s wealthiest businessmen. Their father, Onsi Sawiris, who passed away in June 2021, built the family’s fortune by founding the Orascom conglomerate in 1950. The conglomerate’s activities span the construction, tourism, telecommunications, technology, and industrial sectors.

Source: Ahram Online