Orascom Investment Holding Company announced the completion of the sale of subsidiaries that own real estate units located in the victor malzoni patio building in Sao Paulo, Brazil, for a total of BRL 90 million (approximately USD 17.88 million).
The company said in a statement sent to the Egyptian Stock Exchange on Monday that the company intends to pump the proceeds of the sale to finance the company’s investments in the development of tourist destinations and renewable energy.
It is worth mentioning that Orascom Investment Holding achieved a profit of EGP 428.04 million during 2022, compared to a profit of EGP 861.22 million in 2021, taking into account minority rights.
The company’s profits increased in its independent results during the past year to 754.55 million pounds, compared to profits of 42.1 million pounds in the previous year.
