Brief: Orascom Development Holding To Enter Into Partnership With New Urban Communities Authority

Orascom Development Holding AG

10/04/2018 06:01

April 10 (Reuters) - Orascom Development Holding AG
 ODHN.S :
    * ADHOC: ORASCOM DEVELOPMENT HOLDING AG: THROUGH ITS LARGEST
SUBSIDIARY IN EGYPT, ORASCOM DEVELOPMENT EGYPT (ODE), TO ENTER
INTO A PARTNERSHIP WITH NEW URBAN COMMUNITIES AUTHORITY (NUCA)
TO DEVELOP 1,000 FEDDAN (APPROX. 4.2 MILLION SQM) IN WEST CAIRO,
M
    * ODE WILL OWN 70% OF ORE'S ISSUED CAPITAL AND REMAINING 30%
WILL
BE OWNED BY SAMIH SAWIRIS
    * FOLLOWING ITS ESTABLISHMENT, ORE WILL ENTER INTO REVENUE
SHARE
AGREEMENT WITH NUCA TO DEVELOP 1,000 FEDDAN IN WEST CAIRO

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