Orascom Development Holding (ODH): Orascom Development Egypt (ODE) signs contract for sale of its stake in Tamweel Group at a total equity valuation of c. CHF 20 million.
Altdorf, May 24th, 2018 -Orascom Development Holding (ODH) through its Egyptian subsidiary Orascom Development Egypt (ODE) has signed the sale contract of all of its stake of 87% in Tamweel Group (comprising the four companies Tamweel Mortgage Finance Company, Tamweel for Financial Leasing Company, Tahseel For Collection and Call Center Services and Overseas Insurance Brokerage) at a total equity valuation of the equivalent of c. CHF 20 million.
The stake was sold to a consortium composed of Ebtikar for Financial Investment Company S.A.E (owned by MM Group for Industry and International Trade (MTI) S.A.E and BPE Holding for Financial Investments S.A.E.), TCV and Acquire for Investment.
This transaction is in line with the Group's strategy of enhancing the balance sheet and will enable ODE to deconsolidate the related debt of Tamweel Group which stood at CHF 59.2 million as of 31 March 2018.
The finalization of the sale is subject to the approval of ODE's Board of Directors and its General Assembly, along with all the necessary approvals from the Financial Regulatory Authority.
EFG-Hermes Investment Banking acted as ODE's exclusive financial advisor on this transaction.
About Orascom Development Holding (ODH):
Orascom Development Holding (ODH) 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 (ODH) are listed on the SIX Swiss Exchange.
Contact for Investors:
Sara El Gawahergy
Head of Investor Relations
Tel: +202 246 18961
Tel: +41 418 74 17 11
Email: [email protected]
Contact for Media Relations:
Dynamics Group AG
Tel: +41 432 68 32 35
Email: [email protected]
Disclaimer & Cautionary Statement:
The information contained in this e-mail, its attachment and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. Certain statements in this e-mail and the attached news release may be forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Orascom Development Holding's plans and objectives to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in our key markets; (ii) performance of financial markets; (iii) levels of interest rates and currency exchange rates; and (vii) changes in laws and regulations and in the policies of regulators may have a direct bearing on Orascom Development Holding's results of operations and on whether Orascom Development Holding will achieve its targets. Orascom Development Holding undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted, that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser.