Tuesday, Jan 12, 2010
(This item was originally published Monday.)
CAIRO (Dow Jones)--Orascom Hotels & Development said Monday it has signed a 850 million Egyptian pound ($156 million) syndicated loan to restructure its short-term debt and finance new hotels.
The National Bank of Egypt and Banque Misr were the arrangers of the seven-year loan along with eight other local and regional banks, the company said in a statement.
The funds will be used to restructure existing short-term loans and to finance the construction of new hotels and the renovation and expansion of existing hotels in Egypt.
Orascom Hotels and Development is a subsidiary of Orascom Development Holding which has projects in countries including Egypt, Jordan, Morocco, Switzerland and the U.A.E..
Orascom Hotels & Development shares last traded 5% higher at EGP19.60.
-By Shereen El Gazzar, contributing to Dow Jones Newswires; +2-012-429-8286; Shereen.elgazzar@gmail.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
12-01-10 0344GMT
