Resort in El Gouna - Orascom Development Website
CAIRO – 24 May 2018: Orascom Development Egypt (ORHD) announced Thursday the signing of the final contract to sell its stake in Tamweel Group for a total equity valuation of LE 360 million to a consortium of investors.
Orascom clarified in a filing to the Egyptian Exchange (EGX) that this sale will enable the company to deconsolidate the related debt of Tamweel Group which reached LE 1.1 billion by the end of March 2018.
The statement added that the consortium who bought the stake includes Ebtikar for Financial Investment Company S.A.E (owned by MM Group for Industry and International Trade (MTI) S.A.E and BPE Holding for Financial Investments S.A.E.), TCV and Acquire.
The statement also said that EFG-Hermes Investment Banking was the financial advisor for Orascom Development on this transaction.
Orascom Development owns 87 percent of Tamweel Group.
In March, Orascom Development Egypt sold three hotels and a land plot for LE 882.6 million.
The company marked a 9 percent increase in its profits during the first quarter of 2018, recording LE 83.08 million, compared to LE 75.9 million.
Orascom Development Egypt is a public company, listed on the Egyptian Exchange (EGX) since June 1998.
It operates within the consumer services sector focusing on hotels, resorts and cruise lines with 52 subsidiaries operating across Northern Africa, Middle East and southern Europe.
Orascom Development Egypt is based in Cairo, Egypt, and was established in December 1995.
For Tamweel Group: Tamweel Mortgage Finance Company, Tamweel Leasing Company, Tahseel for Collection and Call Center Services and Over Seas Insurance Brokerages.