Orascom to sell some Egypt assets
Egyptian group, Orascom has said it plans to divest stakes in a number of non-core assets in the country, as it restructures its business in the region, valuing the sale at up to SF130m ($145.13m), Reuters has reported. The Swiss-listed firm, an operator of tourist resorts and real estate projects in Egypt and Europe, posted a net loss of SF157.8m for 2013, due in part to the political instability in the country, which is taking its toll on the tourism industry. Run by Egyptian billionaire Samih Sawiris, Orascom said the assets would be sold to Egyptian Resorts Co (ERC) and included three to four hotels and an undeveloped land bank on the Red Sea. The deal, which is expected to close in five to seven months, does not include any assets of Orascom’s flagship destination El Gouna, the firm said.