Cairo – Mubasher: Orascom Investment Holding (OIH) sold its subsidiaries owning the real estate units in Brazil at a value of $17.88 million.
The units are located in the Patio Victor Malzoni building in São Paulo, according to a bourse filing.
Orascom Investment Holding will use the proceeds of the sale transaction to finance new investments in the touristic destination development and renewable energy projects.
In the first half (H1) of 2023, the EGX-listed firm generated EGP 86.13 million in consolidated net profit after tax, an annual drop from EGP 105.32 million, including minority interest.
Basic and diluted earnings per share(EPS) from continuing operations increased to EGP 0.016 in H1-23 from EGP 0.008 in H1-22.
Meanwhile, the standalone net profits after tax retreated to EGP 13.01 million as of 30 June 2023 from EGP 448.88 million a year earlier.
