Back to the complete issue
Monday, 26 February 2018

Orascom Development announces agreements to sell non-core assets

Orascom Development enters agreements to sell non-core assets, will use proceeds to pay down debt: Orascom Development Egypt (ODE) announced signing two final agreements to sell non-core assets. ODE will sell 100% of its equity stake in Tamweel Group and its stake in Makadi Gardens, Royal Azur and Club Azur, and a land plot in Makadi destination. The first agreement was signed with a consortium of international and local investors for the sale of Tamweel Group at a valuation of up to EGP 300.0 mn and the second is with Meeting Point International Egypt for the sale of ODE’s stake in the Makadi Gardens, Royal Azur, and Club Azur hotels and a land plot in Makadi for an Enterprise value of EGP 939.3 mn. The proceeds of the sales will reduce debt by EGP 1.0 bn and generate interest savings of around EGP 100.0 mn annually.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.