Orascom Investment Holding (OIH) sold its entire stake of 29.25% in Sarwa Capital Holding for Financial Investments, according to the company’s statement to the Egyptian Exchange on February 11.
OIH sold 350.08 million shares for EGP 1.6 billion ($102 million), at EGP 4.58 per share.
Beltone Securities Brokerage acted as a broker in the transaction.
OIH reported a 53% Year on Year decline in its consolidated net loss in the first nine months of 2020, 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.
