ODH confirms it is looking to sell stake in Orascom Housing Communities
M&A WATCH- Orascom Development Egypt (ODH) is in talks to sell some or all of its stake in Orascom Housing Communities, it confirmed in a regulatory filing (pdf) yesterday. It offered no details on the expected size of the transaction or the identity of the potential buyer, though reports circulating in the local press over the weekend said the buyer was a British investment fund.
Background: ODH CEO Samih Sawiris is reportedly looking to sell 85% of Orascom Housing Communities’ shares to the UK investment fund, including the 30% stake held by ODH and his personal 55% stake. The remaining 15% will be retained by US company Blue Ridge and PE firm Equity International. Sawiris has reportedly reached an agreement with the fund to sell his stake for an undisclosed sum, while negotiations are ongoing to sell ODH’s stake.