Egypt's Orascom Hotels offers to sell 10% of its shares

Orascom Hotels and Development (OHD), chaired by business tycoon Samih Sawiris, has offered to sell almost 10 per cent of its shares on the stock market according to the listing and de-listing requirements of the Cairo and Alexandria stock exchange. The Egyptian bourse announced in a press statement Sunday that OHD shares will be sold at LE14.56 per share. OHD made a total net loss of CHF43 million ($47 million) in the financial year 2012 compared to a net loss of CHF47 million ($51 million) in the preceding year. OHD's floating came in light with the Egyptian exchange's efforts to broaden the number of its listed companies and to boost investment incentives. Exchange management approved 20 November the listing of several companies, including Middle East for Glass Manufacturing, Marsa Alam for Tourism Investment and Development, El-Wadi Tourism Investment, to offer a percentage of their capital through the OPR market From: Ahram Online