Orascom Development Holding is evaluating the sale of 10–15 percent of its subsidiary, Orascom Hotels and Development (OHD), to reactivate its trading on the Egyptian Exchange (EGX) given the recovery of the Egyptian economy and the increased demand for investment opportunities in Egypt, it said in a statement on Wednesday .
The proceeds of the sale, if conducted, would be re-injected into OHD to support its ongoing operations and deleverage its balance sheet, the company added.
Orascom Development’s diversified portfolio of destinations is spread over eight jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations and budget housing.
Samih Sawiris, an Egyptian billionaire, is chairman of the board of directors of Orascom Development .
The company has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange.