Cairo – Orascom Investment Holding, a company headquartered in Egypt, announced it sold assets in Brazil that yielded USD 77.6 million, equivalent to about EGP 1.211 billion.
In a press release, the company announced on Monday (11) the conclusion of the sale process of the estates belonging to its subsidiaries, located in the Pátio Victor Malzoni Building, in the city of São Paulo, after having fulfilled the previous conditions of the sales contract.
The statement also informed the company is presently looking for the best opportunities compatible with its investment policy to invest these resources, aiming to increase the profits of the corporation and shareholders. Orascom has committed to disclose more details regarding these investments as soon as they are studied and decisions are made.
Orascom Investment Holding was founded in 2011 by Egyptian businessman Naguib Sawiris (pictured above) and currently operates as a holding company, investing in communication, media, technology, and cables.
Translated by Moein Alaia & Elúsio Brasileiro
