Cairo – Mubasher: Orascom Investment Holding (OIH) on Sunday announced that its board has approved acquiring the entire stake in Nile Sugar.
The new takeover is in alignment with the company’s expansion strategy, according to the firm’s statement to the Egyptian Exchange (EGX).
The company did not give further details about the transaction’s value.
Earlier in April, Naguib Sawiris, chairman of Orascom Telecom Media and Technology Holding (OTMT), rebranded to OIH in June, said that he planned to exit his stake in Nile Sugar.
It is worth noting that Orascom has previously revealed its intentions to invest in the logistics sector.
By the end of Thursday’s session, OIH’s stock fell 8.77% at EGP 0.52.
