OIH completes sale of shares in Pakistan’s TWA
Updated 1/30/2022 8:22:15 AM
ArabFinance: Orascom Investment Holding (OIH) announced the completion of the sale of its shares in its Pakistan-registered subsidiary Trans World Associates Ltd (TWA), according to a press release.
This came after OIH fulfilled the conditions precedent pertaining to the sale process.
Net proceeds from the sale amount to $35 million, equivalent to around EGP 550 million.
Moreover, OIH said that its management is currently mulling over different opportunities in line with the company’s investment strategy.
The opportunities include investing the sale proceeds and boosting OIH’s profits, as well as maximizing the shareholders’ value.
The company will disclose further details regarding such investment opportunities upon the completion of relevant studies and decisions.
OIH, formerly Orascom Telecom Media and Technology Holding, is an Egypt-based holding company engaged in the telecommunications sector.
It mainly engages in global systems for mobile communications, media and technology, cable, energy, financial, real estate, and entertainment businesses.
