Property developer Orascom Development (ODH) will launch a public tender offer to remaining minority shareholders in its unit Orascom Hotels and Development, the company said on Wednesday.
Swiss-listed ODH said the tender offer comes at the request of the Egyptian financial regulator EFSA in the absence of any squeeze-out procedure under Egyptian law.
The offer would be launched in the second half of December pending EFSA’s approval and would remain open for 20 business days from the announcement date, ODH said in a statement.
The tender offer will include the option of cash or Orascom Development Egyptian Depositary receipts.
It then plans to delist Orascom Hotels and Development from the Egyptian Exchange.
The tender price will be set before the offer and the aggregate purchase price is expected to be announced around Dec. 20, the statement said.
