Orascom Development Egypt (ODE) is pleased to announce the successful sale of 145,266 square meters of land in El Gouna for EGP 1.54 billion (USD 225/sqm).
Successful Transaction at 15 Times Book Value
This transaction, executed at approximately 15 times the land’s book value of EGP 101 million, signifies a major achievement for ODE. It represents the largest land sale in El Gouna since 2015, with the plot strategically located at the rear of El Gouna’s developed area.
Strategic Initiative to Enhance Value Creation
This noteworthy sale aligns with ODE’s strategic initiative to augment value creation through selective land sales and development. The initiative focuses on expediting the monetization of its land bank, a pivotal component of ODE’s short and medium-term growth strategy.
Hidden Value in ODE’s Assets
ODE holds numerous assets with substantial untapped value, currently held at book value in the company’s financial statements. This hidden value is not adequately reflected in ODE’s stock price.
Commitment to Corporate Strategy and Stakeholder Value
The concluded agreement underscores Orascom Development’s unwavering commitment to its corporate strategy. It represents a significant accomplishment, highlighting the company’s dedication to delivering value to its stakeholders.