Cairo – Mubasher: Orascom Hotels and Development (OHD) is examining exiting for Tamweel Holding, whether partially or completely, Sara El Gawahergy, head of Investor Relations, told Al Mal newspaper.

She added the company might consider turning its majority stake into a non-controlling one.

OHD is currently studying four offers to acquire the company’s 87% stake in Tamweel, El Gawahergy told the newspaper, indicating that one of the buyers is an alliance of Egyptian and foreign companies, while the remaining three bidders are local investors.

The reason behind OHD’s divestiture is that Tamweel’s business no longer meets OHD’s, according to the top official, who further stated that OHD was working on making its financial statements independent of other companies’ results.

The recent increase in interest rates has delayed the acquisition which was set to take place in the third quarter of 2017, El Gawahergy revealed, adding that the she now expects the deal to be completed by the end of the year.

Established in 2006, Tamweel Holding operates in borrowing and lending, with interest rates being a main aspect of its business. It also houses a mortgage business.