Home » News » Business » Egyptian Billionaire Naguib Sawiris To Invest $250 Million To Rescue Brazilian Telecom Operator
Naguib Sawiris
Egyptian billionaire Naguib Sawiris

Egyptian Billionaire Naguib Sawiris To Invest $250 Million To Rescue Brazilian Telecom Operator

Egyptian billionaire Naguib Sawiris has reportedly offered to invest $250 million in Brazilian telecom operator Oi in an effort to pull the company out of bankruptcy proceedings.

Check also: The Youngest Billionaire In Africa, Mohammed Dewji To Create 100,000 Jobs In Tanzania

According to a report by the Wall Street Journal, a proposal for the investment has been drafted by the Sawiris Group together with Moelis, an American investment bank and a group of bondholders.

In the proposed deal, the Sawiris Group will infuse cash of $1.25 billion into the company. $1 billion of this amount will be realized by a public share sale, while the remaining $250 million will come from Sawiris himself. If the deal goes through, the Sawiris Group will have control over Oi. Some of Oi’s shareholders are not in favor of the deal and G5 Evercore, an advisory firm, is leading a selection of bondholders in an attempt to reach an alternative agreement.

In June last year, Oi filed for bankruptcy protection and filed its own recovery plan in September, but shareholders have rejected the plan. Oi owes roughly $2.9 billion to the regulator, Anatel, and almost as much to indigenous banks. Oi is also reportedly talking to a number of private equity firms about alternative rescue deals.

A spokesperson for Sawiris did not respond to an email requesting for comment.

Sawiris, 62, is the 3rd richest person in Egypt with a fortune FORBES estimates at $3.7 billion, earned largely from his stake in Egyptian mobile telecom outfit, Orascom Telecom Media & Technology (OTMT). He also has interests in mining and construction.

Source: Forbes

Check also;

 

This is not a Paywall, but Newslex Point's journalism consumes a lot of time, hard-work and money. That's why we're kindly requesting you to support us in anyway they can, for as little as $1 or more, you can support us .

Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.

Donate Button with Credit Cards

Comments

comments

Loading...

About lukwago J

Posted by LUKWAGO. J: He's a writer, editor, blogger, affiliate and a web developer, he loves thinking creatively and finding new ways to implement different programming ideas.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Loading...
x

Check Also

Tullow Oil To Sell Its Stake In Uganda's Oil

Tullow Oil To Sell It’s Stake In Uganda’s Oil And Gas Sector

The Ugandan Government has finally allowed Tullow Oil to sell its stake in the country’s ...