Orascom Development Egypt has received a non-binding initial offer for Orascom Real Estate, the owner of the O West project.

Orascom Development Holding AG / Keyword(s): miscellaneous / miscellaneous
Orascom Development Holding: Orascom Development Egypt has received a non-binding initial offer for Orascom Real Estate, the owner of the O West project.

25-October-2022 / 07:00 CET / Central-Central-European
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Orascom Development Egypt has received a non-binding initial offer for Orascom Real Estate, the owner of the O West project.

Altdorf, October 25, 2022 – Orascom Development Egypt (ODE), the largest Egyptian subsidiary of Orascom Development Holding, has received a non-binding initial offer (NBO) from Sixth of October Development and Investment (SODIC) for a possible acquisition. Of the total capital of the subsidiary Orascom Real Estate LLC (ORE), the owner of O West. O West is a 4.2 million square meter real estate development project in West Cairo. ODE currently owns 70% of Crude Oil.

The National Bank of Oman includes an indication and initial equity value of 2.46 billion Egyptian pounds (about 125 million Swiss francs) for 100% of its crude oil. The Offer is subject to the fulfillment of various conditions, including, but not limited to, the completion of due diligence procedures, ODE approvals and all relevant regulatory approvals. ODE’s board of directors gave SODIC the exclusivity to initiate the due diligence process, and also granted authorized management to enter into negotiations on the transaction.

SODIC is 85.5% owned by Aldar, the leading real estate developer in the UAE and its director, and ADQ, an Abu Dhabi-based investment holding company with a large portfolio of major companies.

About Orascom Development Holding (ODH):

ODH is a leading developer of fully integrated destinations including hotels, villas, apartments and leisure facilities such as golf courses, marinas and supporting infrastructure. ODH’s diverse destination portfolio is spread across 7 countries (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and the UK), with a primary focus on tourist destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Biome), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. ODH shares are listed on the SIX Swiss stock exchange. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located in 6th of October City.

Investor contact:
Ashraf Naseem
Chief Financial Officer
Tel: +20224 61 89 61
Mobile: +20 1222131612
Email: [email protected]

Ahmed Abu Ela
Investor Relations Manager
Tel: +20224 61 89 61
Mobile: +20122129 55 55
Email: [email protected]

Media contact:
Philip Blingy
partner
Dynamics Group SA
Tel: +41 432 68 32 35
Email: [email protected]

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