Orascom Development Egypt (ODE) sold its 51% equity stake in Oberoi Zahra, a luxury 27-cabin Nile cruiser, to a private Egyptian investor for $4m, the company said in a press statement on Monday.
According to the statement, the sale will result in cash proceeds of $2m which will be directed to finance the group’s expansion plans.
“This sale comes in line with the group’s strategy with the disposal of noncore assets, enhancing our balance sheet, and focusing on our core business of town development,” the statement added.
Founded in 1934, the Oberoi Group, which operates Oberoi Zahra since 2007, also run other 30 hotels and Nile cruisers.
