ArabFinance: Orascom Investment Holding (OIH) announced that the conditions precedent regarding to the sale of the floors owned by its subsidiaries in the Patio Victor Malzoni Condominium building in Sao Paulo, Brazil have been satisfied, hence, the sale process is complete, according to a press release.
Proceeds of the sale deal amounted to around $77.6 million (EGP 1.211 billion), OIH noted.
OIH is currently considering different opportunities that are in line with its investment strategy, aiming at investing sale proceeds, boosting the company’s profits, and adding to the shareholders’ value.
Details of such investments will be revealed by the company upon the completion of necessary studies and taking the relevant decisions.
Established in 2011, OIH is an Egypt-based company operating in the sectors of telecom, media, technology, and cable business.