First published: 02-Oct-2023 16:28:43

Jehan Laghmari

The Egyptian Orascom Investment Holding Company, owned by Egyptian businessman Naguib Sawiris, announced the completion of a deal to sell its subsidiaries in Brazil for 90 million Brazilian riyals ($17.88 million), according to a statement published by the company on the Egyptian Stock Exchange on Monday.

According to the statement, the company intends to "pump the proceeds of the sale to finance the company's investments in the development of tourist destinations and renewable energy."

Renewable energy is among the sectors the company aims to invest in in Africa, according to what the company’s CEO, Naguib Sawiris, said last October.

Last May, the company's board of directors approved a proposal to restructure some of its subsidiaries in the Netherlands and Brazil, but it did not explain the reason for this action.

Orascom Investment Holding, which was established in 2011, works in investing in the fields of communications, media and technology. Egyptian businessman Naguib Sawiris holds the position of CEO and Managing Director.

(Prepared by: Jehan Laghmari, Edited by: Reem Shams El-Din, contact zawya.arabic@lseg.com)

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