Press Release
Orascom Development Holding AG: Orascom Development Egypt provides update regarding O West
Altdorf, 23 March 2023 – On 25 October 2022, Orascom Development Egypt (ODE), Orascom Development Holding AG's largest Egyptian subsidiary, announced that it had received a preliminary non-binding offer (NBO) from Sixth of October Development and Investment Company S.A.E (SODIC) for the acquisition of the entire share capital of ODE’s subsidiary Orascom for Real Estate S.A.E. (ORE), the owner of O West project. ODE currently owns 70% of ORE.
Today, ODH announces that ODE and SODIC have mutually decided to discontinue discussions on a potential acquisition of ORE and the O West project by SODIC.
ODH continues to be fully committed to the development of O West and creating a fully integrated town in the heart of the city of 6th of October. O West plans to deliver more than 1,000 residential units during 2023 and to launch the first phase of the O West Sports Club.
Press Release link : https://www.orascomdh.com/news/2473563
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