CAIRO - 26 January 2022: Orascom Investment Holding Company announced Wednesday the fulfillment of the conditions precedent pertaining to the sale of its shares in its subsidiary “Trans World Associates Ltd.” ("TWA"), registered in the state of Pakistan, and consequently the completion of the relevant sale process.
The company added in a filing to the Egyptian Exchange (EGX) that the net proceeds of the aforementioned sale amounts to approx. $35 million and equivalent to approx. LE550 million.
OIH's management is currently exploring different opportunities, that are in line with OIH's investment strategy, to invest the sale proceeds and maximize the company's profits and increase the shareholders' value.
OIH will announce the details of such investment opportunities upon completion of the necessary studies and taking the relevant investment decisions.
Orascom Investment Holding Company achieved losses of LE 46.07 million, during the first nine months of 2021, compared to losses of LE 17.89 million in the comparative period of 2020, taking into account minority rights.
The company's operating revenues rose during the period to LE 613.48 million, compared to revenues of LE 493.3 million in the comparable period last year.
As for standalone results, the company achieved losses amounting to LE 71.05 million, compared to profits amounting to LE 47.04 million in the comparative period of 2020.