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Orascom Development says secured $132 million of financing

Swiss-based international developer has arranged another brace of loans to fund its capital expenditures for 2012

Ahram Online, Wednesday 18 Jan 2012
Samih Sawiris
Orascom Development chief Samih Sawiris (Photo: Reuters)
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Egyptian property group Orascom Development Holding (ODH) has finalised credit agreements totalling CHF125 million ($132 million) to finance the company's activity in 2012, the firm said in a press release Tuesday.
 
According to the statement, any extra investments needed will be injected by majority shareholder, Samih Sawiris, if necessary.
 
The facility will result in a lower average cost of debt for the Swiss-based group. 
 
ODH is expected to report full-year 2011 results and announce plans for the coming year on 30 March.
 
The group’s subsidiary Andermatt Swiss Alps is expected to announce the current status of sales and the next step for its Andermatt project on 14 February. 
 
ODH reported a net loss of $95.5 million for the first nine months of 2011, down from a net profit of $10.8 million for the same period the previous year.
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