ODH confirms it is looking to off load stake in Orascom Housing Communities

Orascom Development Egypt (ODH) is in talks to sell some or all of its stake in Orascom Housing Communities, it confirmed in a statement to EGX.

However,  it offered no details on the expected size of the transaction or the identity of the potential buyer, though reports circulating in the local press over the weekend said the buyer was a British investment fund.

ODH CEO Samih Sawiris is reportedly looking to sell 85 percent of Orascom Housing Communities’ shares to the UK investment fund, including the 30 percent stake held by ODH and his personal 55 percent stake

The remaining 15 percent will be retained by US company Blue Ridge and PE firm Equity International.