Zurich Stock Exchange-listed Orascom Development Holding (ODH), Altdorf, through its largest subsidiary in Egypt, Orascom Development Egypt (ODE), signs two final offers to sell non-core assets. ODH said its largest ODH subsidiary in Egypt, Orascom Development Egypt (ODE), has signed two final offers for the sale of 100 percent of its shares in Tamweel Group and the sale of its shares in Makadi Gardens, Royal Azur and Club Azur, as well as a plot of land in Makadi. According to the information, all due diligence and related formalities for both transactions have already been finalized. Approval from ODE's general assembly and approvals from regulatory authorities in Egypt are still required to complete the transaction.<\/p>\n
The first offer for the sale of the Tamweel Group was signed with a consortium of international and local investors for a price of up to CHF 15.9 million. Of this amount, 10 percent is variable, based on the performance of the Tamweel Group in 2018. This sale will allow the Group to deconsolidate the related liabilities of CHF 60.9 million as of September 30, 2017.<\/p>\n
The second offer for the sale of the stake in three hotels (Makadi Gardens, Royal Azur and Club Azur) and a plot of land in Makadi was signed with Meeting Point International Egypt, the Egyptian subsidiary of the FTI Group, at an enterprise value of CHF 49.7 million.<\/p>\n
The proceeds from these sales in combination with cash generated from operating activities will be used to reduce debt by approximately CHF 55.2 million. This will result in total interest savings of around CHF 33.3 million by 2024 and will allow the Group to achieve a better leverage ratio, ODH further states. In parallel, the company is in negotiations with banks to further optimize future repayments.<\/p>","protected":false},"excerpt":{"rendered":"
Orascom Development Holding (ODH), through its largest subsidiary in Egypt, Orascom Development Egypt (ODE), signs two final offers to sell non-core assets. The company said the proceeds from the sale will reduce the group's debt by approximately CHF 55.2 million and result in total interest savings of approximately CHF 33.3 million by 2024.<\/p>","protected":false},"author":8,"featured_media":8955,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"Orascom","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"Orascom Development Holding (ODH) unterzeichnet \u00fcber ihre gr\u00f6sste Tochtergesellschaft in \u00c4gypten, Orascom Development Egypt (ODE), zwei finale Angebote zur Ver\u00e4usserung von Nicht-Kernaktiva.","_yoast_wpseo_linkdex":77,"pgc_sgb_lightbox_settings":"","footnotes":""},"categories":[988],"tags":[1539,1544,1771,1784],"class_list":["post-11474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-unternehmen","tag-ode","tag-orascom","tag-tamweel-gruppe","tag-tochtergesellschaft"],"acf":[],"yoast_head":"\n