February 28, 2021

Orascom Development studies financing tools sukuk, securitization


ArabFinance: Orascom Development Egypt (ODE) (ORHD) is studying various financing instruments including issuing sukuk and securitization, Al Mal News cited Omar El Hamamsy, CEO of ODE.

El Hamamsy stressed that the step comes along with the company’s plan to restructure debts, make use of low interest rates and the Central Bank of Egypt’s (CBE) initiative to postpone debt payments due to coronavirus.

He added that the company is negotiating restructuring part of its debts with the banks based on the available liquidity, affirming that the company may sell lands to meet its financial needs.

ODE’s total land portfolio is 101 million square meters, or 24,000 feddans.

In November 2020, the listed company signed amedium-term loan agreement worth $265 million (EGP 4.151 billion) to refinance and upsize its outstanding debt.

Earlier, ODE posted a 27% Year decline in its consolidated net profit in the first nine months of 2020, recording EGP 343.79 million.

ODE, the largest subsidiary of Orascom Development Holding (ODH), is a developer of resort towns, residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas, in addition to supporting infrastructures, such as hospitals, schools, and utilities.

arabfinance


Categories : real estate

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