{"id":633041,"date":"2018-02-26T04:02:24","date_gmt":"2018-02-26T04:02:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/26\/orascom-development-announces-agreements-to-sell-non-core-assets\/"},"modified":"2018-02-26T04:02:24","modified_gmt":"2018-02-26T04:02:24","slug":"orascom-development-announces-agreements-to-sell-non-core-assets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/26\/orascom-development-announces-agreements-to-sell-non-core-assets\/","title":{"rendered":"Orascom Development announces agreements to sell non-core assets"},"content":{"rendered":"

Orascom Development enters agreements to sell non-core assets, will use proceeds to pay down debt: <\/strong>Orascom Development Egypt (ODE) announced signing two final agreements<\/a> to sell non-core assets. ODE will sell 100% of its equity stake in Tamweel Group and its stake in Makadi Gardens, Royal Azur and Club Azur, and a land plot in Makadi destination. The first agreement was signed with a consortium of international and local investors for the sale of Tamweel Group at a valuation of up to EGP 300.0 mn and the second is with Meeting Point International Egypt for the sale of ODE\u2019s stake in the Makadi Gardens, Royal Azur, and Club Azur hotels and a land plot in Makadi for an Enterprise value of EGP 939.3 mn. The proceeds of the sales will reduce debt by EGP 1.0 bn and generate interest savings of around EGP 100.0 mn annually.<\/p>\n","protected":false},"excerpt":{"rendered":"

Orascom Development enters agreements to sell non-core assets, will use proceeds to pay down debt: Orascom Development Egypt (ODE) announced signing two final agreements to sell non-core assets. ODE will sell 100% of its equity stake in Tamweel Group and its stake in Makadi Gardens, Royal Azur and Club Azur, and a land plot in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633041","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"5bfb46e9-e6f8-4162-b438-e72396e2bd4a","order":"0","is_powered_by":true,"section_story_id":"8c0d2755-d27a-4e1c-8e0f-a41c594cd4fd","story_type":"1","photo_url":"","photo_position":"above","related_issue":[633026],"teaser":"","voice_url":""},"yoast_head":"\nOrascom Development announces agreements to sell non-core assets - 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\/2018\/02\/26\/orascom-development-announces-agreements-to-sell-non-core-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orascom Development announces agreements to sell non-core assets\" \/>\n<meta property=\"og:description\" content=\"Orascom Development enters agreements to sell non-core assets, will use proceeds to pay down debt: Orascom Development Egypt (ODE) announced signing two final agreements to sell non-core assets. 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The Board of Directors of Roaya for Tourism and Real Estate Development, a subsidiary of ODE, also approved the sale of a land plot in\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599546,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/orascom-development-sells-three-red-sea-properties\/","url_meta":{"origin":633041,"position":1},"title":"Orascom Development sells three Red Sea properties","author":"enterpriseam admin","date":"2 January 2019","format":false,"excerpt":"Orascom Development Egypt (ODE) has sold three of its properties in the Red Sea Makadi resort for EGP 856 mn, according to a company press release. 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The transaction valued Tamweel at EGP 360 mn, ODE said in a regulatory filing (pdf).\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":599092,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/18\/ebtikar-led-consortium-completes-acquisition-of-odhs-87-stake-in-tamweel-group\/","url_meta":{"origin":633041,"position":5},"title":"Ebtikar-led consortium completes acquisition of ODH\u2019s 87% stake in Tamweel Group","author":"enterpriseam admin","date":"18 June 2019","format":false,"excerpt":"M&A WATCH- Ebtikar-led consortium completes acquisition of ODH\u2019s 87% stake in Tamweel Group: A consortium of funds including B Investments\u2019 Ebtikar for Financial Investment, TCV1, and Acquire for Investment has completed its acquisition of Orascom Development Egypt (ODH)\u2019s 87% stake in Tamweel Group, Ebtikar said in a statement (pdf). 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