Orascom Development Egypt is selling its stakes in own affordable housing arm. (Equities)

Orascom Development Egypt’s (ODH) board has approved plans to sell the company’s 35% stake in affordable homes builder New City Housing and Development (previously Orascom Housing Communities or OHC), according to a regulatory filing.

The stake is valued at 128.6 million Egyptian pounds, the company said without disclosing the name of the potential buyer.

The sale would come as part of a strategy by ODH to narrow its focus on core businesses, which centers on high-end real estate including El Gouna and O West.

An unnamed UK fund was reported to be the buyer, sources speaking to Al Shorouk said last month. The fund could purchase both ODH’s share and another 55% stake owned personally by ODH CEO Samih Sawiris, The remaining shares will be retained by OHC’s foreign owners, US company Blue Ridge and PE firm Equity International.