{"id":319970,"date":"2020-12-15T11:05:29","date_gmt":"2020-12-15T11:05:29","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=319970"},"modified":"2020-12-15T11:05:29","modified_gmt":"2020-12-15T11:05:29","slug":"orascom-development-egypt-is-selling-its-stakes-in-own-affordable-housing-arm-equities","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2020\/12\/15\/orascom-development-egypt-is-selling-its-stakes-in-own-affordable-housing-arm-equities\/","title":{"rendered":"Orascom Development Egypt is selling its stakes in own affordable housing arm. (Equities)"},"content":{"rendered":"

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 to a regulatory filing.<\/p>\n

The stake is valued at 128.6 million Egyptian pounds, the company said without disclosing the name of the potential buyer.<\/p>\n

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.<\/p>\n

An unnamed UK fund was reported to be the buyer, sources speaking to Al Shorouk said last month.<\/a> The fund could purchase both ODH\u2019s share and another 55% stake owned personally by ODH CEO Samih Sawiris, The remaining shares will be retained by OHC\u2019s foreign owners, US company Blue Ridge and PE firm Equity International.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 to a regulatory filing.<\/p>\n","protected":false},"author":4,"featured_media":319898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29],"tags":[83],"class_list":["post-319970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estates","tag-orascom-development-holding"],"yoast_head":"\nOrascom Development Egypt is selling its stakes in own affordable housing arm. 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