Home » Egyptian billionaire Naguib Sawiris’ Orascom Investment sells stake in TWA in $35-million deal

Egyptian billionaire Naguib Sawiris’ Orascom Investment sells stake in TWA in $35-million deal

by Omokolade Ajayi

Orascom Investment Holding, an Egypt-based investment holding led by Egyptian billionaire businessman Naguib Sawiris, has completed the sale of its stake in the Pakistan-based Internet services provider Trans World Associates (TWA).

TWA is a joint venture between Orascom Investment Holding, Orastar and Omar Abdul Mone’m Yousuf Al Zawawi of the Sultanate of Oman. It is Pakistan’s only private-sector organization with sole ownership of submarine fiber optic cable networks.

Following the execution of the share-sale process, the Naguib Sawiris-led holding received EGP550 million ($35 million) in cash in exchange for its majority stake in the Internet service provider.

The strategic move represents an opportunity for Orascom to unlock untapped value from previous investments. The move aligns with Orascom’s strategic intent to create shared value not just for shareholders but for stakeholders and other related entities in the investment holding.

The company’s management revealed that it is exploring various opportunities consistent with its investment strategy to invest sale proceeds to maximize profits and increase shareholder value.

Orascom Investments stated that when a new opportunity in its investment climate is discovered, it will announce such details after completing the necessary studies and making the necessary investment decisions.

Since its inception in 2011, when Naguib Sawiris sold Orascom Telecom to the Russian telecom firm VimpelCom, Orascom Investment Holding has been operating as a holding company with investments primarily in the telecom, media and technology, and cable industries (now Veon).

The investment holding is well-known for its legacy as the region’s most successful telecom operator. However, in recent years, it has carved out a new path as it seeks to diversify its portfolio from a solely telecom and technology-based firm to an investment holding.

It completed the sale of floors owned by one of its subsidiaries in the Patio Victor Malzoni Condominium building in the Brazilian state of So Paulo nearly three months ago in a deal valued at $77.6 million.

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.