Orascom Development to Offer 10-15% of Egypt Subsidiary to Activate Trading on EGX

Orascom Development Holding AG filed with the Egyptian Stock Exchange (EGX) to offer 10-15% of its Egyptian subsidiary, Orascom Hotels and Development (OHD) (ORHD.CA).

ODH’s Board of Directors approved the offering of 10 to 15% of its Egyptian subsidiary, Orascom Hotels and Development (OHD) at a total equity value of EGP 3.37 billion (approximately US$ 470 million or CHF 455 million), to reactivate its trading on the EGX and comply with its listing rules and regulations. The 10-15% will be sold at a consideration of EGP 15.20 (approximately US$ 2.12, CHF 2.06) per share.

This offering comes as part of the Group’s monetization efforts, the proceeds of which shall be re-injected into OHD to support its ongoing operations and deleverage its balance sheet, ODH said in a brief on Thursday.

The Group has mandated CI Capital and Beltone investment banks as joint lead arrangers and book runners on this transaction. The necessary documentation and pricing has been filed with the EGX and is awaiting final approval.

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