Cairo – Mubasher: Orascom Development Egypt, listed on the Egyptian Exchange (EGX), announced it has sold its 51% equity stake in the 27-cabin Nile cruise floating boat, Oberoi Zahra.
The company’s stake in the luxury Nile cruise has been sold to a private Egyptian investor for an enterprise value of $4 million, according to a press release.
Accordingly, Orascom will receive $2 million in cash proceeds from the sale that will be directed towards the group’s expansion plans.
“This sale comes in line with the Group’s strategy with the disposal of non-core assets, enhancing our balance sheet and focusing on our core business of town development,” Orascom added.
Orascom Development Egypt previously reported a 34% year-on-year increase in its consolidated profits for the first quarter of 2019, recording EGP 111.33 million from EGP 83.08 million.
The company’s generated EGP 837.64 million in revenue during Q1-19, versus EGP 654.91 million in Q1-18.
