Orascom Investment to complete land plot contract with Housing Ministry

Big 5

Egypt’s Orascom Investment Holding (OIH) is on the verge of reaching a final agreement with Ministry of Housing to purchase a land plot in Cairo governorate, the company’s chairman has said.

Egyptian businessman Naguib Sawiris gave no further details on the potential deal.

On Sunday 23 September, the Cairo-based firm announced that its board has approved acquiring the entire stake in Nile Sugar as part of its expansion strategy.

Sawiris noted that his company has obtained the United Nations’ (UN) approval regarding its investments in North Korea’s Koryolink, which will affect the company’s budget positively.

“The United Nations just approved the exemption for Koryolink! Our mobile phone operation in North Korea …May peace prevail,” he said on Twitter.

Moreover, Telecom Egypt announced that it has acquired the Middle East and North Africa Submarine Cable (MENA Cable) from OIH through its subsidiary Egyptian International Submarine Cable Company (EISCC) at a total value of $90 million.

By 02:29 pm Egypt time, OIH’s stock rose 6.25 percent at 0.61 pounds.