ODE
“The sale of Oberoi Zahra will result in cash proceeds of $2 million and proceeds from the sale will be geared towards the expansion plans of the group.”
According to ODE’s statement, the share transfer has been executed after obtaining all necessary approvals and ODE will now start receiving the LE 313 million cash proceeds.
Orascom clarified that the proceeds of the sale will reduce the company’s debt by LE 1 billion.
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