Orascom Development Egypt is selling its stakes in own affordable housing arm

Orascom Development Egypt’s (ODH) board has approved plans to sell the company’s 35 percent stake in affordable homes builder New City Housing and Development (previously Orascom Housing Communities or OHC), according to a regulatory filing.

The stake is valued at 128.6 million Egyptian pounds, the company said without disclosing the name of the potential buyer.

The sale would come as part of a strategy by ODH to narrow its focus on core businesses, which centers on high-end real estate including El Gouna and O West.

An unnamed UK fund was reported to be the buyer, sources speaking to Al Shorouk said last month. The fund could purchase both ODH’s share and another 55% stake owned personally by ODH CEO Samih Sawiris, The remaining shares will be retained by OHC’s foreign owners, US company Blue Ridge and PE firm Equity International.