Arab Finance: Orascom Investment Holding (OIH) has sold its subsidiaries owning the real estate units in Patio Victor Malzoni building in São Paulo, Brazil, for $17.88 million, according to a filing sent to the Egyptian Bourse on October 2nd.
The sale proceeds will be utilized in new tourism and renewable energy investments.
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.