Egypt's Sawiris Sells Another Part of His Empire
Over the weekend, media reports had suggested that Egypt's Orascom Telecom was up for sale. These reports were denied by controlling shareholder, Nassef Sawiris. However, it has been announced this morning that another part of the Sawiris empire has been sold - their Orascom Construction Industries Cement Group for US$12.9 billion.
Not a telecoms firm, but the sale of the cement business will result in a special dividend payment to the shareholders - which will net the Sawiris Family a one-off payment of US$6.6 billion in cash. Of that, US$4.1 billion has been already earmarked for an investment in Lafarge which is buying the cement company. This leaves them US$2.5 billion to spend.
This is not the only recent sale by the Sawiris family as only last week Orascom Telecom Holdings sold its stake in Hutchison Telecommunications International for around US$960 million
In just two weeks, Orascom has raised nearly US$3.5 billion in cash.
Posted to the site on 10th December 2007