Egyptian billionaire Naguib Sawiris’ Orascom Investment sells Brazilian subsidiaries for $17.8 million

Mfonobong Nsehe -

Orascom Investment Holding (OIH), which is controlled by Egyptian billionaire Naguib Sawiris, sold subsidiaries in Brazil’s São Paulo for $17.88 million, according to a bourse filing on Monday.

The proceeds from this transaction are earmarked for ambitious expansions, with a keen eye on developing tourist locales and green energy endeavours.

A company rooted in Egypt, OIH has been an active participant in the Egyptian Exchange (EGX) since its listing in early 2012. Its business interests are majorly aligned with the telecommunication and property sectors.

Sawiris heads the operations at OIH, with its ownership structure extending to OTMT Acquisition, a Sawiris family venture domiciled in Luxembourg.

The Sawiris siblings, Naguib, Nassef, and Samih, are among Egypt’s wealthiest people. Their late father, Onsi Sawiris, who died in June 2021, was pivotal in cementing the family’s wealth by initiating the Orascom conglomerate in 1950. The conglomerate has diverse operations encompassing construction, tourism, telecommunications, tech, and industry.