Cairo – Mubasher: The ordinary general meeting (OGM) of Orascom Development Egypt has approved the sale of its stake in Tamweel subsidiaries at a value of EGP 305.3 million.

The OGM has agreed to sell 8.4 million shares, or 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 Monday.

The company added that the OGM also approved the sale of 8,900 shares, or 89% capital, of Tahseel Collection and Call Center Services, and 11,600 shares, or 58% capital, of Overseas Brokerage.

The remaining sum of EGP 76.3 million is due after 11 months of implementation, the company said.

On the other hand, the OGM has approved to sign a contract to sell a 7,955 metre land plot in El Gouna to Business Park Company at a value of $1.03 million.

The board of Orascom Development had approved the study of fair values (FVs) set for its Tamweel subsidiaries at a combined amount of EGP 352 million.

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.