Samih Sawiris to offload shares in Orascom Housing Communities to UK fund
M&A WATCH- Samih Sawiris will offload his shares in affordable housing player Orascom Housing Communities to an unnamed British investment fund, Al Shorouk reports, citing unnamed sources familiar with the matter. Sawiris will reportedly sell 85% of the company’s shares, including his personal 55% stake and the 30% held by sister company Orascom Development (ODH). Sawiris has reached an agreement with the fund to sell his stake for an undisclosed sum, while negotiations are ongoing to sell ODH’s stake, the sources said. The American investors who hold the remaining 15% will retain their ownership.
About the company: Established in 2007, Orascom Housing Communities is a partnership between ODH, US company Blue Ridge and PE firm Equity International. It owns and develops low-income housing projects. The company will change its name to Orascom New Housing and purchase 600 feddans in Qena as part of its current restructuring plan.