ArabFinance: Egyptian businessman Samih Sawiris is currently in negotiations over offloading his shares in Orascom Housing Communities to an unnamed British investment fund, Shorouk News cited sources on November 14th.

Sawiris is allegedly going to sell 85% of the company’s shares, of which 55% represents his personal stake, while the remaining 30% is held by sister company Orascom Development, according to unnamed sources familiar with the matter.

The business name of Orascom Housing Communities will be changed to Orsacom New Housing, the sources added.

“The American investors who hold the remaining 15% will retain their ownership,” Enterprise reported.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.