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Orascom Development Holding offers 10-15% in stock market - Daily News Egypt

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Orascom Development Holding offers 10-15% in stock market

The company stated that its management is “optimistic with the company’s performance”, adding that it expects a stronger performance after the completion of the upcoming parliamentary elections.


The EGX’s weekly stock market summary showed that the total value of shares for companies listed dropped EGP 5.491bn last week, from EGP 380.950bn to EGP 386.441bn.(File Photo) (AFP Photo / Mahmoud Khaled)
10%-15% shares of Orascom Hotels and Development to be offered in the Egyptian stock market.
(AFP File Photo / Mahmoud Khaled)

Orascom Development Holding, the major shareholder of Orascom Hotels and Development (OHD), announced that it would offer 10%-15% of its stocks in OHD through a private and a public placement in the Egyptian stock market.

“The first tranche of maximum 10% is open for the qualified investors through a private placement with a minimum ticket size of EGP 5m,” the company said.

“The second tranche (public offering) of a minimum 5% will be offered through the OPR [overnight policy rate] on the EGX screens at a price of EGP 15.2/share, which is at a discount of 50% from the midpoint of the independent financial adviser (IFA) value range of EGP 29.6-31.2/share,” the company added.

The company stated that its management is “optimistic with the company’s performance”, adding that it expects a stronger performance after the completion of the upcoming parliamentary elections.

In August, Orascom Development Holding announced that it registered a net profit of CHF 31.5m ($34.4m), which is deemed the first biannual net profit since 2010.

In the corresponding period in 2013, the company recorded CHF 48m ($52.4m) in net losses, blaming the political events and saying that they affected the group’s operations.

Orascom Development Holding is registered in Switzerland’s stock market, and has a 99.68% share of Orascom Hotels and Development.

 

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