Update:
ORHD Shares Surge +7.31% Since Land Sale Announcement in El Gouna, Reflecting Close Prices of EGP 11.62/share on 01/07/2024 Session and Current Trading Price of EGP 12.47/share as of 03/07/2024 Session 13:26 CLT.
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Announcement date as of 01/07/2024
Orascom Development Egypt (ORHD) has sold 145,266 sqm of land in El Gouna for EGP 1.54 billion (USD 225/sqm), marking the largest land sale in El Gouna since 2015. The sale was executed at approximately 15 times its book value of EGP 101 million.
*Source: ORHD IR Press Release
**Full Press Release**
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