EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding AG's largest subsidiary in Egypt, Orascom Development Egypt (ODE) Board of Directors convened to approve the sale of its stake in "New City Housing & Development" formerly "Orascom Housing Communities" for an amount of CHF 7.3 million.
Altdorf, December 14, 2020 - Orascom Development Holding (ODH) is pleased to announce that its largest subsidiary in Egypt, Orascom Development Egypt (ODE) Board of Directors held on December 13, 2020; approved the sale of its 35.25% stake in "New City Housing & Development" previously known as Orascom Housing Communities (OHC) a subsidiary of Orascom Development Egypt (ODE), for an amount of CHF 7.3 million.
The divestment of this non-core asset comes in line with our continued execution of our strategy to optimize our portfolio and will enable us to further prioritize and reinforce efforts in our core business areas.
New City Housing & Development previously known as Orascom Housing Communities (OHC) is the first Egyptian company to focus on the development of high-quality affordable housing units within sustainable and fully integrated townships in Egypt. New City Housing & Development owns two projects. The first was launched in 2007 the project is located in 6th of October, 20 km west of Cairo, and spans over approximately 2.60 million m2 of land, and is now home to more than 40,000 residents. As a truly integrated development, offering a comprehensive community facility including schools, clinics, worship houses, sporting facilities among many other amenities. The second project spans over 0.8 million m2 of land in the Qena Governorate, Upper Egypt, and provides a high-quality affordable housing unit.
About Orascom Development Holding (ODH):
ODH is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. ODH's diversified portfolio of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and Andermatt in Switzerland. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located on the Sixth of October City.
Disclaimer and Cautionary Statement
End of ad hoc announcement
|Company:||Orascom Development Holding AG|
|Phone:||+41 41 874 17 17|
|Fax:||+41 41 874 17 07|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1154800|
|End of Announcement||EQS Group News Service|
1154800 14-Dec-2020 CET/CEST