Cairo – Mubasher: Orascom Development Egypt has sold some of its non-core assets at a total value of EGP 1.24 billion.
The Egypt-based company has signed a final sale offer with a number of international and local investors for its stake in Tamweel Group for 2018, Orascom development said in a statement to the Egyptian Exchange (EGX) on Sunday.
The sale has been made based on a total valuation of Tamweel group at a value of EGP 300 million, the company highlighted.
Debts related to Tamweel Group will be excluded at a value of EGP 1.1 billion at the end of September 2017, the company noted.
The hotels and properties developer also signed a second sale offer with Meeting Point International Egypt, a subsidiary of FTI, to sell Royal Azur, Cub Azur, Makadi Gardens, and a plot of land at a total EGP 939.3 million.
As per the aforementioned selling, the company aims at cutting its loans by EGP 1 billion and annual financing cost by EGP 100 million until 2024.
The EGX-listed company is currently negotiating with lenders to improve the timeframe of paying off installments.
Orascom Development's capital amounts to EGP 1.1 billion distributed over 221.6 million shares at a par value of EGP 5 per share.
