{"id":568059,"date":"2020-12-16T03:56:48","date_gmt":"2020-12-16T03:56:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/odh-sells-affordable-housing-arm\/"},"modified":"2020-12-16T03:56:48","modified_gmt":"2020-12-16T03:56:48","slug":"odh-sells-affordable-housing-arm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/odh-sells-affordable-housing-arm\/","title":{"rendered":"ODH sells affordable housing arm"},"content":{"rendered":"

<\/a> An unnamed UK-based fund has acquired 100% of New City <\/strong>Housing and Development for EGP 365 mn, <\/strong>Al Mal<\/a> reports citing unnamed sources familiar with the agreement. The fund, which is reportedly owned by an unnamed Egyptian businessman, purchased a 35.2% stake previously held by Samih Sawiris\u2019 Orascom Development Holding (ODH) in the affordable housing developer, and a combined 64.8% stake held by Sawiris personally and US company Blue Ridge<\/a> and PE firm Equity International<\/a>. New City Housing was formerly known as Orascom Housing Communities (OHC). The sale comes as Sawiris\u2019 ODH narrows its focus<\/a> on core businesses, which center on high-end real estate including El Gouna and O West.<\/p>\n

Advisors: <\/strong>Beltone Securities Brokerage provided sell-side brokerage services while Hermes Securities Brokerage executed the sale on behalf of the unnamed fund. Matouk Bassiouny & Hennawy acted as counsel<\/a> to the buyer.<\/p>\n

OTHER M&A NEWS- A mandatory tender offer to snap up 90% of El Nasr Civil Works a<\/strong>t EGP 11 apiece is currently under review<\/strong> from the Financial Regulatory Authority, according to an EGX disclosure<\/a>. A group led by Odin Investments submitted the MTO to the regulatory for sign-off. The remaining 10% of the company\u2019s shares remaining as freefloat shares.<\/p>\n","protected":false},"excerpt":{"rendered":"

An unnamed UK-based fund has acquired 100% of New City Housing and Development for EGP 365 mn, Al Mal reports citing unnamed sources familiar with the agreement. The fund, which is reportedly owned by an unnamed Egyptian businessman, purchased a 35.2% stake previously held by Samih Sawiris\u2019 Orascom Development Holding (ODH) in the affordable housing […]<\/p>\n","protected":false},"author":1,"featured_media":568060,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[72,125,7128,256,4296,83,1844],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-investment-watch","tag-ma-watch","tag-orascom-development-egypt","tag-orascom-housing-communities","tag-real-estate","tag-samih-sawiris","wpautop","entry"],"acf":{"mongo_id":"a87ac309-293e-4617-ba70-d9436d7ff325","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/289.jpg","photo_position":"above","related_issue":[568051],"teaser":"","voice_url":""},"yoast_head":"\nODH sells affordable housing arm - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/odh-sells-affordable-housing-arm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ODH sells affordable housing arm\" \/>\n<meta property=\"og:description\" content=\"An unnamed UK-based fund has acquired 100% of New City Housing and Development for EGP 365 mn, Al Mal reports citing unnamed sources familiar with the agreement. 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Sawiris will reportedly sell 85% of the company\u2019s shares, including his personal 55% stake and the 30% held by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568018,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/odh-offloading-affordable-housing-arm\/","url_meta":{"origin":568059,"position":1},"title":"ODH offloading affordable housing arm","author":"enterpriseam admin","date":"15 December 2020","format":false,"excerpt":"Orascom Development Egypt\u2019s (ODH) board has approved plans to sell the company\u2019s 35% stake in affordable homes builder New City Housing and Development (previously Orascom Housing Communities or OHC), according toa regulatory filing (pdf). The stake is valued at EGP 128.6 mn, the company said without disclosing the name of\u2026","rel":"","context":"In "EQUITIES"","block_context":{"text":"EQUITIES","link":"https:\/\/enterpriseam.com\/egypt\/category\/equities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576328,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/19\/odh-confirms-it-is-looking-to-sell-stake-in-orascom-housing-communities\/","url_meta":{"origin":568059,"position":2},"title":"ODH confirms it is looking to sell stake in Orascom Housing Communities","author":"enterpriseam admin","date":"19 November 2020","format":false,"excerpt":"M&A WATCH- Orascom Development Egypt (ODH) is in talks to sell some or all of its stake in Orascom Housing Communities, it confirmed in a regulatory filing (pdf) yesterday. It offered no details on the expected size of the transaction or the identity of the potential buyer, though reports circulating\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576371,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/22\/matouk-bassiouny-hennawy-to-advise-on-odhs-sale-of-orascom-housing-communities\/","url_meta":{"origin":568059,"position":3},"title":"Matouk Bassiouny & Hennawy to advise on ODH\u2019s sale of Orascom Housing Communities","author":"enterpriseam admin","date":"22 November 2020","format":false,"excerpt":"APPOINTMENTS- Law firm Matouk Bassiouny & Hennawy has been appointed to advise Orascom Development Holding (ODH) on the sale of its stake in Orascom Housing Communities, Al Shorouk reports, citing unnamed sources familiar with the matter. ODH announced last week that it is seeking to sell some or all of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599808,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/10\/odh-enters-agreement-with-chairman-samih-sawiris-for-stake-purchase-in-asa\/","url_meta":{"origin":568059,"position":4},"title":"ODH enters agreement with Chairman Samih Sawiris for stake purchase in ASA","author":"enterpriseam admin","date":"10 January 2019","format":false,"excerpt":"Orascom Development Holding (ODH) has entered an agreement to purchase an additional 1% and one share of Andermatt Swiss Alps (ASA) from ODH Chairman Samih Sawiris at a total price of CHF 3.2 mn, according to a company press release. The transaction, which is conditional on Sawiris forgiving CHF 150\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553983,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/samih-sawiris-to-step-down-as-odh-chairman\/","url_meta":{"origin":568059,"position":5},"title":"Samih Sawiris to step down as ODH chairman","author":"enterpriseam admin","date":"15 December 2021","format":false,"excerpt":"Samih Sawiris is stepping down from his role as Orascom Development Holding (ODH) chairman and handing the torch to his son, Naguib Samih Sawiris (LinkedIn), ending a 30-year run at the company\u2019s helm, according to a report in Hapi Journal. 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