Orascom Investment Sells Subsidiaries for USD 17.8 Million in Brazil

Orascom Investment Holding (OIH), a major Egypt-based conglomerate, has sold its subsidiaries in São Paulo, Brazil for a sum of USD 17.88 million. The transaction aims to provide OIH with capital to advance its ventures in the development of tourist destinations and renewable energy projects.

Operating within the telecommunication services sector and real estate, OIH has been listed on the Egyptian Exchange (EGX) since January 2012. The company, chaired by Naguib Sawiris, is owned by OTMT Acquisition, a Luxembourg-based entity established by the Sawiris family.

By divesting its Brazilian subsidiaries, OIH strategically reallocates its resources towards sectors aligned with its long-term vision. The infusion of funds will fuel the development of tourist destinations, capitalising on Egypt's rich cultural heritage and vibrant tourism industry. Furthermore, OIH aims to bolster its commitment to sustainable practices by investing in renewable energy projects, contributing to the country's sustainability goals and addressing environmental challenges.