M&A WATCH- A consortium made up of Ebtikar for Financial Investment Company, our friends at TCV and Acquire has submitted an offer to acquire 100% of Orascom Development Egypt’s (ODE) stake in Tamweel Group, according to a statement (pdf) from MM Group for Industry and International Trading (MTI), which holds a 50% stake in Ebtikar. The consortium is said to be offering EGP 300 mn, “10% of which is variable depending on the performance of Tamweel in 2018,” read the release. The sale of Tamweel, which operates leasing, mortgage finance, factoring and insurance brokerage units, was part of ODE’s sale of non-core assets to reduce its debt burden by EGP 1 bn. The transaction is awaiting board approvals on both sides and will need sign-off from the Financial Regulatory Authority.
Advisors: Zaki Hashem & Partners advised Ebtikar and TCV on the transaction, while TMS Law Firm represented Acquire.
In other ODE news: A new development at Makadi? As for ODE’s plans at Makadi, the company appears to be considering developing another residential project in the area after announcing on Sunday a sale of Makadi Gardens, IR Director Sara El Gawahergy tells Al Borsa. The project could be potentially worth EGP 200 mn in sales, she added. She also stated that the company was considering taking on another hotel in Gouna.
