February 25, 2018 / 8:22 AM / 3 months ago

BRIEF-Orascom Development Egypt Signs 2 Final Offers to Divest Non-Core Assets

Feb 25 (Reuters) - ORASCOM DEVELOPMENT EGYPT:

* SIGNS TWO FINAL OFFERS TO DIVEST NON-CORE ASSETS

* FIRST OFFER WAS SIGNED WITH CONSORTIUM OF INTERNATIONAL AND LOCAL INVESTORS FOR SALE OF TAMWEEL GROUP FOR UP TO EGP 300 MILLION, 10 PERCENT OF WHICH IS VARIABLE BASED ON TAMWEEL GROUP’S 2018 PERFORMANCE

* SECOND OFFER WAS SIGNED WITH MEETING POINT INTERNATIONAL EGYPT, EGYPTIAN SUBSIDIARY OF FTI GROUP FOR SALE OF OUR STAKE IN THREE HOTELS (MAKADI GARDENS, ROYAL AZUR AND CLUB AZUR) AND LAND PLOT IN MAKADI DESTINATION FOR AN ENTERPRISE VALUE OF EGP 939.3 MILLION

* PROCEEDS OF SALE WILL REDUCE ITS DEBT BY ABOUT EGP 1 BILLION AND GENERATE ON AVERAGE INTEREST SAVINGS OF ABOUT EGP 100 MILLION ANNUALLY TILL 2024

* IN NEGOTIATIONS WITH BANKS TO FURTHER OPTIMIZE REPAYMENT SCHEDULE Source: (bit.ly/2F1ixbH) Further company coverage:

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