Orascom Development Holding AG: largest subsidiary in Egypt, Orascom Development Egypt (ODE) concludes its sale of Tamweel Group and will receive CHF 18.5 million in cash proceeds.
Altdorf, June 17, 2019 - Orascom Development Holding (ODH) announces that its largest subsidiary in Egypt, Orascom Development Egypt (ODE) has concluded has concluded the sale of its 87% equity stake in Tamweel Group for a total valuation of ca. CHF 20 million to 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 CHF 18.5* 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.
*1 CHF= 16.88 EGP
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 nine destinations; four in Egypt (El Gouna, Taba Heights, Fayoum and Makadi Heights), 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 & Strategic Projects Management
Tel: +202 246 18961
Tel: +41 418 74 17 11
Mob: +41 79 156 78 49
Contact for Media Relations:
Dynamics Group AG
Tel: +41 432 68 32 35
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