Orascom Development plans to use proceeds of Tamweel sale to reduce EGP 1 bn debt burden

Orascom Development plans to use the proceeds of the sale of Tamweel Financial Holding to lower its EGP 1 bn debt-burden, the company’s IR Director Sara El Gawahergy tells Al Mal. She had previously stated that the company is looking to exit Tamweel because it does not fit with its core business. As we noted last October, the company had received four offers for the company — one from a consortium made up of European-Egyptian investors, while the other three offers were from local investors, according to the newspaper.