March 20, 2018 / 8:07 AM / 4 months ago

BRIEF-Orascom Development Egypt Shareholders Approve Sale of Stake in 3 Hotels‍

March 20 (Reuters) - ORASCOM DEVELOPMENT EGYPT SAE :

* SAYS SHAREHOLDERS APPROVE TO SELL CO’S STAKE IN MAKADI GARDENS HOTEL, ROYAL AZUR HOTEL AND CLUB AZUR HOTEL

* SAYS BOARD OF UNIT ROAYA FOR TOURSIT AND REAL ESTATE DEVELOPMENT APPROVED THE SALE OF A LAND PLOT IN MAKADI DESTINATION

* SAYS TOTAL ENTERPRISE VALUE OF THREE HOTELS AND THE LAND PLOT IS ABOUT EGP 882.6 MILLION

* SAYS STAKE SALE WILL RESULT IN TOTAL CASH PROCEEDS OF EGP 492.8 MILLION

* SAYS STAKE SALE WILL RESULT IN DECONSOLIDATION OF EGP 260.1 MILLION DEBT HELD ON UNIT ROYAL FOR TOURISTIC AND DEVELOPMENT CO

* SAYS TOTAL EXPECTED ONE-OFF GAIN FROM STAKE SALE IS ABOUT EGP 373.8 MILLION‍ Source:(bit.ly/2u1AzGL) Further company coverage:

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