Cairo – Mubasher: Egyptian billionaire and business tycoon, Naguib Sawiris, offered a plan to invest about $250 million in Oi Company, a Brazilian telecom operator, to save it from bankruptcy, the Wall Street Journal reported on Friday.
The US newspaper said that the plan of the Sawiris Group, which controls Egyptian phone company Orascom Telecom Media and Technology, is to inject $1.25 billion into the Brazilian company, with $250 million coming from Sawiris and the remainder from a public Oi share sale.
Investor Relations official at Orascom, Marwan Hussien, said that the company has no connection with Sawiris’ potential acquisition Oi.
“Orascom is not a party in any potential acquisition deals,” Hussien told Mubasher.
