Egypt’s Orascom Investment sells subsidiaries for $17.8 mln in Brazil

Orascom Investment Holding S.A.E (OIH) sold subsidiaries owning the real estate units located in Patio Victor Malzoni building in São Paulo In Brazil, for around $17.88 million, according to a statement by the company on Sunday.

OIH intends to direct the proceeds of the sale to finance the company’s new investments in the touristic destination development and renewable energy projects, the statement read.

OIH is an Egypt-based holding company listed on the Egyptian Exchange (EGX) since January 2012. It operates primarily within the telecommunication services sector and real estate.

The company is chaired by Naguib Sawiris and owned by the OTMT Acquisition, which was established in Luxembourg by the Sawiris family.