April 29, 2021

Orascom Investment exits Transworld Associates

ArabFinance: Orascom Investment Holding (OIH) will sell its 51% stake in Transworld Associates Private Limited (TWA) , according to the company statement filed to the Egyptian Exchange.

OIH’s board of directors approved the sale of the company stake in TWA and hired an independent financial advisor to evaluate TWA.

The company board of directors accepted the resignation of Naguib Sawiris from his position as the company's chairman.

In the first nine months of 2020, OIH reported a 53% Year on Year decline in its consolidated net loss, recording EGP 39.61 million, compared to EGP 84.4 million in the prior-year period.

OIH, formerly Orascom Telecom Media and Technology Holding, is an Egypt-based holding company engaged in the telecommunications sector. The company’s activities are mainly divided into its global system for mobile communications, media and technology, cable, energy, financial, real estate, and entertainment businesses.


Categories : telecom

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