Orascom Development Holding offers 10-15% in stock market

Orascom Development Holding, the major shareholder of Orascom Hotels and Development (OHD), announced that it would offer 10%-15% of its stocks in OHD through a private and a public placement in the Egyptian stock market.

“The first tranche of maximum 10% is open for the qualified investors through a private placement with a minimum ticket size of EGP 5m,” the company said.

“The second tranche (public offering) of a minimum 5% will be offered through the OPR [overnight policy rate] on the EGX screens at a price of EGP 15.2/share, which is at a discount of 50% from the midpoint of the independent financial adviser (IFA) value range of EGP 29.6-31.2/share,” the company added.

The company stated that its management is “optimistic with the company’s performance”, adding that it expects a stronger performance after the completion of the upcoming parliamentary elections.