Cairo – Mubasher: Orascom Development Egypt will sell its 87% stake in Tamweel Holding by the end of the first quarter of 2018, Orascom’s investment relations manager Sara Al Gawahergy told Alborsa News on Wednesday.
The company will work on selling non-essential assets to pay from EGP 800 million to EGP 1 billion debts in 2018, Al Gawahergy added.
Given that the Egyptian property and hotels group had turned a profit in Q3-17 due to a growth in revenues, as net profit amounted to EGP 92.5 million, compared to losses of EGP 46.01 million in the same period a year earlier.
In December 2017, the Egyptian Exchange's listing committee has approved to change the name of Orascom Hotels and Development to Orascom Development Egypt.
