Orascom Development Holding AG: Orascom Development Egypt has received a preliminary non-binding offer for Orascom for Real Estate, the owner of the O West project
Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Ad hoc announcement pursuant to Art. 53 LR.
Orascom Development Egypt has received a preliminary non-binding offer for Orascom for Real Estate, the owner of the O West project.
Altdorf, 25 October 2022– Orascom Development Egypt (ODE), Orascom Development Holding AG's largest Egyptian subsidiary, has received a preliminary non-binding offer (NBO) from Sixth of October Development & Investment Company (SODIC) for the potential acquisition of the entire share capital of its subsidiary Orascom for Real Estate S.A.E. (ORE), the owner of O West. O West is a 4.2 million square meter real estate development located in West Cairo. ODE currently owns 70% of ORE.
The NBO includes an indicative and preliminary equity value of EGP 2.46 billion (approx. CHF 125 million) for 100% of ORE. The offer is subject to the fulfilment of several conditions, including but not limited to completion of due diligence, ODE’s corporate approvals, and all relevant regulatory approvals. ODE Board has granted SODIC exclusivity to commence the due diligence process and authorized management to initiate negotiations for the transaction.
SODIC is 85.5% owned by Aldar, the leading real estate developer and manager in the UAE, and ADQ, an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises.
About Orascom Development Holding (ODH):
ODH is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. ODH's diversified portfolio of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and Andermatt in Switzerland. The shares of ODH are listed on SIX Swiss Exchange. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located in the Sixth of October City.
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