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Wednesday, 18 October 2017

ODH has four bidders for Tamweel, expects transaction to close by year end

M&A WATCH- Orascom Development Holding (ODH) is reviewing four competing bids for its 87% stake in Tamweel Financial Holding, IR Director Sara El Gawahergy told Al Mal. She did not name any of the would-be acquirers, but said three of the four bids were from local investors and the fourth is a joint bid from an Egyptian and an international company. ODH is considering either reducing its holding into a non-controlling one, or divesting altogether, El Gawahergy says, expecting the transaction to close by the end of the year. The company is looking to exit Tamweel because it does not fit with its core business and completing the transaction was delayed because of the “repeated increases in interest rates.” EFG Hermes is sell-side advisor on the transaction.

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