OIH’s board of directors agreed to sell its majority stake (51%) of TWA back in April 2021
Orascom Investment Holding (OIH) announced that it has completed “the conditions precedent pertaining to the sale of its shares” in its Pakistan subsidiary Trans World Associates (TWA).
The company sold its entire stake in TWA at a value of $35 million, equivalent to EGP 550 million, the company revealed in a statement to the Egyptian Stock Exchange.
Working within the telecommunications and technology sectors, TWA and is the only provider of internet services in Pakistan, and owns a submarine cable linking the UAE, Oman and Pakistan with a length of 1.3 thousand kilometers, the company explained.
OIH’s board of directors agreed to sell its majority stake (51%) of TWA back in April 2021.
“OIH's management is currently exploring different opportunities, that are in line with OIH's investment strategy, to invest the sale proceeds and maximize the company's profits and increase the shareholders' value. OIH will announce the details of such investment opportunities upon completion of the necessary studies and taking the relevant investment decisions,” the company stated.
During the first 9 months of 2021, OIH saw consolidated net losses of EGP 46.07 million, an increase of 157.5% year-on-year (YoY) from EGP 17.89 million, including minority shareholders' rights.
Transworld is a joint venture of Orascom Investment Holding, Orastar and HE Dr Omar Abdul Mone’m Yousuf Al Zawawi of Sultanate of Oman. Transworld is Pakistan’s only private sector organization with exclusive ownership to submarine fiber optic cable networks, which makes it the provider of the fastest internet in Pakistan.
