Cairo – Mubasher: The board of directors of Orascom Development Egypt (ODE) met on Monday, 24 October to discuss the non-binding offer submitted by Six of October Development and Investment (SODIC) to acquire 100% of Orascom Real Estate.
The board approved SODIC to carry out due diligence exclusively and authorised Orascom Development Egypt’s management to negotiate, take all required legal procedures, and appoint advisors to evaluate the offer, according to a bourse statement on Tuesday.
The offer includes an indicative and preliminary equity value of EGP 2.46 billion.
Orascom Real Estate is one of Orascom Development Egypt’s subsidiaries and the owner of O-West project located in 6th of October city.
During the first half (H1) of 2022, the net profits of Orascom Development Egypt grew by 15.3% year-on-year (YoY) to EGP 858.30 million, compared with EGP 744.6 million, including minority shareholders’ rights.
Revenues during the six-month period ended 30 June 2022 reached EGP 3.80 billion, up 27.60% YoY from EGP 3 billion.
In the meantime, SODIC logged consolidated net profits after tax worth EGP 295.71 million in H1-22, higher than EGP 225.84 million in H1-21, including minority shareholders' rights.
Revenues surged to EGP 2.73 billion during the first six months (6M) of 2022, compared to EGP 1.87 billion in the year-ago period.
