Cairo:– Orascom Development Egypt (ODE) is pleased to announce that it has concluded the sale of its 87% equity stake in Tamweel Group for a total valuation of ca. EGP 360 million to Ebtikar for Financial Investment S.A.E (“Ebtikar”), (a joint venture between MM Group for Industry and International Trade S.A.E and B Investments Holding S.A.E), TCV1 and Acquire for Investment S.A.E.
The share transfer has been executed after obtaining all necessary approvals and ODE will now start receiving the EGP 313 million cash proceeds.
The cash proceeds resulted from the sale is geared towards our earlier communicated debt reduction plan, which entails further reducing our outstanding debt balance in 2019 and thus enhancing our balance sheet.
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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 24 hotels with a total of 4,918 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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