Orascom Development Egypt (ODE) approved, on Sunday, the sale of its 35.25% stake in its subsidiary New City Housing and Development Company, previously known as Orascom Housing Communities, for EGP 128.6m.
The company said, in a statement to the Egyptian Exchange on Monday, that the divestment of these non-core assets comes in line with its strategy to optimise its portfolio, and it will enable ODE to further prioritise and reinforce efforts in core business areas.
New City Housing and Development is the first Egyptian company to focus on the development of high-quality affordable housing units within sustainable and fully integrated townships in Egypt.
It established two residential projects. The first was launched in 2007 in the 6th of October city, with a total area of 2.6m sqm. It now accommodates more than 40,000 residents. It includes schools, clinics, worship houses, sporting facilities among many other amenities. The second project is located in Qena governorate, Upper Egypt, with a total area of 0.8m sqm. It provides high-quality affordable housing units.
