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Orascom Development Oks FV studies for Tamweel Group at EGP 352m

Orascom Development Oks FV studies for Tamweel Group at EGP 352m
In May, Orascom Development announced it signed an agreement to sell its 87% stake in Tamweel Group at EGP 360m
Orascom Development Egypt
ORHD
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Cairo – Mubasher: The board of Orascom Development Egypt has approved the study of fair values (FVs) set for its Tamweel subsidiaries at a combined amount of EGP 352 million.

The FVs, conducted by Fincorp Investment Holding, include 8.4 million shares, accounting for 84.62% of Tamweel Real Estate Development’s capital, as well as 430,900 shares, equivalent to 86.19% of Tamweel Leasing Finance, Orascom said in a filing to the Egyptian Exchange (EGX) on Sunday.

The company added that the FVs also include 8,900 shares of the proceeds of Tahseel Collection and Call Center Services, equivalent to 89% of its capital, and 11,600 shares, or 58% capital, of Overseas Brokerage.

In May, Orascom Development announced it signed an agreement to sell its 87% stake in Tamweel Group at a total value of EGP 360 million.

In March, the ordinary general meeting (OGM) of Orascom Development had agreed to sell its stake in assets valued at EGP 882.6 million.