Mon, 08 Jul 2019 - 01:17 GMT
File - Samih Sawiris Executive Chairman of the Board of Directors of Orascom Development Holding
CAIRO – 8 July 2019: Orascom Development Egypt (ODE) announced selling its 51 percent equity stake in Oberoi Zahra to a private Egyptian investor for an Enterprise Value of $4 million.
“The sale of Oberoi Zahra, which is 27 cabins Nile cruise floating boat, will result in cash proceeds of $2 million and proceeds from the sale will be geared towards the expansion plans of the group,” the company added.
Orascom Development stated in a press release that this sale comes in line with the group’s strategy with the disposal of non-core assets, enhancing their balance sheet and focusing on core business of town development.
In June, ODE announced the conclusion of the sale of its 87 percent equity stake in Tamweel Group for a total of LE 360 million to Ebtikar for Financial Investment S.A.E (“Ebtikar”), TCV1 and Acquire for Investment S.A.E.
During the first quarter of 2019, Orascom Development recorded a 34 percent-increase in its consolidated profits, recording LE 111.33 million, compared to LE 83.08 million during the same quarter of 2018.
As per standalone results, the company turned into profitability by LE 27.48 million during the first quarter of 2019, compared to a loss of LE 45.95 million during the first quarter of 2018.
Orascom Development Egypt 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.