Orascom Development Holding AG (ODH) has successfully completed the sale of its Egyptian Hotel "Citadel Azur Hotel" for an Enterprise Value of USD 50.0 million as part of the Group's strategy to monetize its non-core assets.
Altdorf, May 3, 2018 - In line with the Group's strategy of enhancing its balance sheet, Orascom Development Holding AG (ODH) is pleased to announce the sale of its 100% stake in its 514 rooms hotel "Citadel Azur" located in Sahl Hashish, Egypt, to "Pickalbatros Group" (the buyer) for an enterprise value (EV) of USD 50.0 million.
The sale will result in cash proceeds of USD 32.0 million and the deconsolidation of USD 18.0 million of debt. Proceeds of the sale will be used to fund ODH's expansion plans in its destinations outside of Egypt.
CEO Khaled Bichara commented: "I am pleased to announce the conclusion of Citadel Azur Hotel sale for an enterprise value of USD 50.0 million. This sale confirms our continuous execution of our three-pillar strategy and reiterates our earlier message to the market that this Group owns many assets with substantial value, which are not adequately reflected in our stock price."
CI Capital Investment Banking acted as our exclusive financial advisor and White & Case acted as our legal advisor on this transaction.
About Orascom Development Holding:
Orascom Development is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development's diversified portfolio of destinations is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates ten destinations; five in Egypt (El Gouna, Taba Heights, Fayoum Makadi, and Harram City), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. The shares of Orascom Development Holding are listed on the SIX Swiss Exchange.
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