Cairo – Mubasher: Orascom Development Egypt has signed an agreement to sell its 87% stake in Tamweel Group to a consortium of investors.

It is worth noting that Orascom’s stake in Tamweel Group makes up around EGP 313 million of a total of EGP 360 million, according to Mubasher statistics.

The sale agreement comes within the company’s strategic framework to strengthen its financial positions, Orasco said in a statement to the Egyptian Exchange (EGX) on Thursday.

The sale transaction will enable the company to exclude related debts of EGP 1.1 billion as of 31 March 2018, the company added.

Orascom indicated that the consortium includes Ebtikar for Financial Investment Company owned by MM Group for Industry and International Trade (MTI) and BPE Holding for Financial Investments, TCV, and Acquire.

The leading investment bank EFG Hermes was Orascom’s exclusive financial advisor on this transaction, according to the statement.

Tamweel Group operates four 4 companies, including Tamweel Mortgage Finance Company, Tamweel Leasing Company, Tahseel For Collection and Call Center Services and Over Seas Insurance Brokerages.

Orascom Development’s capital amounts to EGP 1.1 billion distributed over 1.1 billion shares at a par value of EGP 1 per share.