Cairo – Mubasher: The board of directors of Orascom Investment Holding (OIH) approved the resignation of Naguib Sawiris from his position as the Chairman while keeping the position of the CEO and Managing Director.

Akil Hamed Bashir has been appointed as the new Non-Executive Chairman, OIH said in a bourse disclosure on Wednesday.

The board also approved the resignation of Sameh Youssef El-Torgoman and the appointment of Wafaa Shoukry Zaklama as a Non-Executive Board Member starting from 1 May.

The decision will be referred to the company’s shareholders for approval.

Moreover, the board also approved the sale of the company’s entire stake of 51% in Trans World Associates (TWA) and delegated Naguib Onsi Sawiris and Oussama Daniel Nassif in negotiating and signing all the required documents for the completion of the sale.

An independent financial advisor will be appointed to assess the valuation of TWA and present the valuation report to the board of directors.  

The board also approved the lease agreement between its 99%-owned subsidiary Orascom Pyramids Entertainment and the Egyptian Company for Food and Services (Abella Egypt) to lease Nine Pyramids Lounge.

During the first nine months of 2020, the company incurred consolidated net losses of EGP 17.89 million, down from EGP 92.4 million in the corresponding period in 2019, including minority shareholders’ rights.