REG - Orascom Investment - OIH Press Release

VEONAnnouncement

26/10/2022 10:00

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RNS Number : 1722E  Orascom Investment Holding S.A.E  26 October 2022

 

Naguib Sawiris assumes the responsibility of OIH's Executive Chairman &
Marwan Hussein as the CEO

 

 

Cairo, October 26(th), 2022:  Orascom Investment Holding S.A.E. (Orascom
Investment) announced today that in light of the Company's debut to implement
strategic projects in the renewable energy and real estate & touristic
development sectors In the African and regional levels, the Board of Directors
decided to make some amendments to the Board and the company's administrative
structure. The Board of Directors accepted the resignation of Eng. Akil Hamed
Bashir - Non-Executive Chairman of the Board, while continuing as a
non-executive member of the Board, and appointing Eng. Naguib Onsi Sawiris as
Executive Chairman of the Board of Directors effective 01/11/2022. The Board
also approved the appointment of Mr. Marwan Hussein as CEO of the company as
of the same date, provided that decisions are submitted to the General
Assembly of shareholders for confirmation at their first meeting, in addition
to other amendments that will be presented and discussed in the next general
assembly regarding the formation of the Board of Directors, in accordance with
the Company's Articles of Association and the recommendations of the Board of
Directors at the time.

 

In light of the changes approved by the Board of Directors, Eng. Naguib
Sawiris commented "The Company is looking forward to implementing its new
strategy in the renewable energy and the real estate & touristic
development sectors, especially in Africa and the Middle East, in order to
maximize the value of the Company and the return to its investors, and open
new markets for the Orascom." He also expressed his confidence in the
Company's management and employees and their ability to implement the proposed
projects in accordance with the vision of the Board of Directors and the
aspirations of its shareholders.

 

 

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About Orascom Investment Holding (Orascom Investment)

 

Orascom Investment Holding has been operating as a holding company with
investments mainly in the telecom, media & technology and cable businesses
since its establishment in 2011. Born out of the split of assets between OTMTI
and VEON (formerly known as Vimpelcom), Orascom Investment holds the legacy of
the region's most successful telecoms operator. As the industry matured,
Orascom Investment recently adopted a new direction to diversify its portfolio
from a solely Telecom and Technology based firm to an Investment Holding
company.

 

Orascom Investment Holding invests in industries that are critical to the
future, including energy, financial services, food industries, real estate
development, logistics and transport. Orascom Investment Holding is currently
exploring opportunities across Egypt, Africa and the Middle East.  Wherever
we invest, we will always aspire to transform lives to make a lasting
contribution to sustainable economic development.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For More Information:

 Media Relations, Orascom Investment Holding

 Nile City Towers, South Tower, 29th Floor

 2005A Corniche El Nile, Ramlet Beaulac, 11221 Cairo, Egypt

 E-mail: communications@orascomih.com

 

 

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