Cairo Orascom Development Egypt (ODE) has sold its 51% equity stake in Oberoi Zahra, the 27 cabins Nile cruise floating boat to a private Egyptian investor for an Enterprise Value of USD 4.0 million. The sale will result in cash proceeds of USD 2.0 million and proceeds from the sale will be geared towards the expansions plans of the Group.
This sale comes in line with the Group’s strategy with the disposal of non-core assets, enhancing our balance sheet and focusing on our core business of town development.
About Orascom Development Egypt (ODE):
Orascom Development Egypt (ODE) is the largest subsidiary of Orascom Development Holding AG (ODH). ODE is an integrated developer of resort towns in Egypt, with a vertically-integrated business model involving the development of residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas, in addition to supporting infrastructure, such as hospitals, schools, and utilities. ODE currently owns a land bank of 49.9 million square meter and 23 hotels with a total of 4,889 rooms within four operating destinations. El Gouna, on the Egyptian Red Sea Coast in Hurghada, Taba Heights, on the Sinai Peninsula, Makadi in Hurghada and Byoum in Fayoum.
Contact for Investors:
Sara El Gawahergy
Head of Investor Relations and Strategic Project Management
Tel: +202 246 18961
Tel: +20100 218 5651
Email: ir@orascomdh.com
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