Back to the complete issue
Wednesday, 16 December 2020

ODH sells affordable housing arm

An unnamed UK-based fund has acquired 100% of New City Housing and Development for EGP 365 mn, Al Mal reports citing unnamed sources familiar with the agreement. The fund, which is reportedly owned by an unnamed Egyptian businessman, purchased a 35.2% stake previously held by Samih Sawiris’ Orascom Development Holding (ODH) in the affordable housing developer, and a combined 64.8% stake held by Sawiris personally and US company Blue Ridge and PE firm Equity International. New City Housing was formerly known as Orascom Housing Communities (OHC). The sale comes as Sawiris’ ODH narrows its focus on core businesses, which center on high-end real estate including El Gouna and O West.

Advisors: Beltone Securities Brokerage provided sell-side brokerage services while Hermes Securities Brokerage executed the sale on behalf of the unnamed fund. Matouk Bassiouny & Hennawy acted as counsel to the buyer.

OTHER M&A NEWS- A mandatory tender offer to snap up 90% of El Nasr Civil Works at EGP 11 apiece is currently under review from the Financial Regulatory Authority, according to an EGX disclosure. A group led by Odin Investments submitted the MTO to the regulatory for sign-off. The remaining 10% of the company’s shares remaining as freefloat shares.

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.