Back to the complete issue
Monday, 14 September 2020

OIH eyeing investment partnership with the Sovereign Fund of Egypt

OIH eyes investment partnership with the Sovereign Fund of Egypt: Orascom Investment Holding — post-horizontal demerger — is considering making joint investments with the Sovereign Fund of Egypt (SFE), OIH Chairman Naguib Sawaris told Hapi Journal. Sawiris did not specify which assets in the SFE’s portfolio are of particular interest to the company.

Investment and divestment plans: OIH will likely be looking at potential investments in logistics and entertainment in the coming period, and the group plans to sell off its Brazil assets, including VC Fund Riza Capital, as well as finalize the sale of its submarine cable in Pakistan, Sawiris said.

Beltone Financial is not interested in acquiring Blom Bank Egypt, Sawiris noted, adding that the company has not begun steps towards entering the banking sector. The embattled Lebanese bank had earlier this year announced it was seeking to sell its Egypt assets as its home country suffers its worst economic crisis in decades. Bahrain’s Arab Banking Corporation (Bank ABC), Emirates NBD, and an unnamed NBFS firm are all in the race to acquire the bank’s assets.

Background: The FRA approved last week OIH’s demerger, allowing the group to become two separate companies. Orascom Financial Holding (OFH) and OIH were created from the agreement that would see the former take control of the company’s financial services operations including a 74.5% stake in Beltone Financial and 28.8% of Sarwa Capital. The latter would retain all of its investments in its eight subsidiaries, including Orascom Telecom Ventures, O Capital, and Orascom Pyramids, along with its sister Cheo Joint Venture Technology company.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.