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.
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