Orascom Development Egypt (ODE) announces the signing of the final sale contract of all its stake in Tamweel Group for a total equity valuation of EGP 360 mn to a consortium of investors, Invest-Gate reports.

The developer elucidated in a filing to the Egyptian Exchange (EGX) on Thursday, May 24, that this sale will enable ODE to deconsolidate the related debt of Tamweel Group, which stood at EGP 1.1 bn by the end of March 2018.

The finalization of the sale is still subject to the approval of ODE’s Board of Directors and its General Assembly, the Financial Regulatory Authority (FRA), and all other related regulatory authorities, according to ODE’s statement.

The statement reveals that the consortium that purchased the stake includes Ebtikar for Financial Investment Company S.A.E (owned by MM Group for Industry and International Trade (MTI) S.A.E and BPE Holding for Financial Investments S.A.E.), TCV, and Acquire.

EFG-Hermes Investment Banking was the financial advisor for ODE on this transaction, the statement adds.