Cairo – Mubasher: The board of directors of Orascom Development Egypt (ODE) approved the sale of its 35.25% stake in New City Housing & Development previously known as Orascom Housing Communities (OHC).
The total value of the transaction amounted to EGP 128.6 million, ODE said in a bourse disclosure on Monday.
This moves is in line with the company’s strategy to focus its efforts on its “core business areas,” the company noted.
During the first nine months of 2020, ODE logged net profits of EGP 357.4 million, down from EGP 501.2 million in the year-ago period, including minority shareholders’ rights.
