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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.

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