Tuesday, Oct 23, 2012
BEIRUT (Zawya Dow Jones)--Egypt's Orascom Hotels and Development (ORHD.CI) is in talks with the Egyptian government about the possibility of setting up a joint venture company to develop and operate the Taba Heights marina in the Sinai Peninsula, Orascom Development Holding (ODHN.CI), or ODH--the company's parent said Tuesday.
Switzerland-based ODH, whose major shareholder is Egyptian businessman Samih Sawiris, said the proposal is one of the solutions that the two parties have discussed. The company added that these solutions aim to expand the accommodation capacity of the marina which re-opened last month after it was closed for two years due to the unrest in the region.
The two parties are still in talks and haven't yet reached a final agreement, ODH said in a statement posted on the Egyptian Exchange website.
ODH, which is engaged in property development activities especially in the tourism sector, enjoys dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the Egyptian Exchange.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
23-10-12 1510GMT
