'Brazil is a wonderland,' says Egyptian who wants to save Oi.
Egyptian billionaire Naguib Sawiris, 62, will arrive in Brazil in two weeks with the intention of convincing the government that he is the best option to save Oi; the company is in bankruptcy protection, with a debt of R$ 65,4 billion, and has BNDES, Banco do Brasil and Caixa as its main creditors. "Brazil is a wonderland [compared to others]," said the Egyptian; "I'm on my honeymoon."
247 - Egyptian billionaire Naguib Sawiris, 62, will arrive in Brazil in two weeks with the intention of convincing the government that he is the best option to save Oi. The company is in bankruptcy protection, with a debt of R$ 65,4 billion, and has BNDES, Banco do Brasil and Caixa as its main creditors. "Brazil is a wonderland [compared to others]," said the Egyptian. "I'm on my honeymoon."
The information is from Report by Julio Wiziack in Folha de S.Paulo.
"Sawiris' plan envisions a turnaround for the company within a year, repeating what happened in 2011 when his group - Orascom - merged with the Italian company Wind."
The European operator is already signaling a recovery, positioning itself as "the operator of the poor," in Sawiris' own words.
With the mergers, Orascom became the sixth largest group in the world in terms of number of clients. The company has a presence in 20 countries, including Lebanon, Pakistan, Iraq, and North Korea—where a maneuver by dictator Kim Jong-un confiscated its profits.
"Brazil is a wonderland [compared to others]," the Egyptian told Folha. "I'm on my honeymoon."
The businessman, who describes himself as a passionate person, speaks of his proposed recovery plan for Oi as "a marriage with the country." "After that [the approval of the Oi plan], we will settle in and explore other business opportunities."
He argues that his experience with emerging markets will help "correct past mistakes" and "find the right path" for Oi.
One of the Brazilian government's concerns regarding Sawiris' plan is whether the investment will be long-term. With a personal fortune estimated at US$3,7 billion by Forbes magazine, the Egyptian businessman promised to invest US$250 million in Oi.