Orascom Devt acquires 99.66 per cent of Orascom Hotels and Development

Reuters , Tuesday 25 Jan 2011

Firm buys up most of the remaining shares it did not already own in its unit

Property developer Orascom Development has secured 99.66 per cent of shares in its unit Orascom Hotels and Development (OHD) after a public tender for minority shareholders, the company said.

In the offer launched on 22 December, the company sought to acquire the 8.8 million shares in OHD that it did not already own, or 3.9 per cent of its share capital, the firm said.

Swiss-listed Orascom, which has most of its activities in Egypt, had 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 tender offer included the option of cash or Orascom Development Egyptian depositary receipts.

The firm will start the process of delisting Orascom Hotels and Development from the Egyptian Exchange, the statement said.

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