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Naguib Sawiris resigns as chairman of Orascom Investment Holding

Naguib Sawiris resigns as chairman of Orascom Investment Holding

ArabFinanceOrascom Investment Holding’s (OIH) board of directors accepted the resignation of Naguib Sawiris from his position as the company’s chairman, according to the company statement filed to the Egyptian Exchange.

Since Sawiris held several positions in the company, he still holds his roles as managing director and Chief Executive Officer (CEO).

The listed company's board also ratified appointing Aqeel Hamid Bashir as non-executive chairman. 

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.

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