The board of Orascom Development Holding - AG (ODH) has approved the sale of a stake ranging between 10% and 15% of the group’s shareholding in Orascom Hotels & Development (OHD).
ODH cited improvement in the Egyptian economy and growing interest in investment opportunities.
The move is aimed at resuming trade on OHD shares on the Egyptian Exchange (EGX). Upon completing the sale deal, resulting proceeds will be injected back in Orascom Hotels in order to bolster its operating activities and slash its financial liabilities, according to the company’s statement posted on EGX website.