Orascom Dev to invest 100 mln stg in eco town-paper

* Orascom Development eyes 100 mln pound investment – paper

* Total cost of project about 1 billion pounds – report

* Remainder to be financed through home sales

CAIRO, Aug 16 (BestGrowthStock) – Egyptian-owned Orascom Development
(ODHN.S: ) is preparing to inject 100 million British pounds ($156
million) into its environmentally friendly “eco-town” project in
southwest England, a newspaper quoted its chairman as saying.

The project, on nearly 7 million square metres of land in St
Austell in Cornwall, will cost in all about 1 billion pounds, 90
percent of which will be financed through sales of units in the
project, al-Mal reported on Monday.

A spokesman for Swiss-listed Orascom Development was not
immediately available to comment on the report, which did not
detail when Orascom would start putting money into the project.

Orascom has said it would hold a 75 percent stake in the
project, one of four eco-town sites approved by the British
government. [ID:nGEE5B10V1]

All homes in the carbon-neutral towns are expected to be
within a 10-minute walk of public transport and other public
services.

Orascom Development’s main presence is in Egypt, home turf
of Chairman Samih Sawiris, where it also lists depositary
receipts (ODHR.CA: ). It is mostly known for building luxury
resort towns but also has low-income-housing projects.

Its Swiss-listed shares were up 0.8 percent by 0906 GMT. The
Egyptian stock exchange halted trading on Orascom’s depositary
receipts until the company provided clarity on the newspaper
report.
(Reporting by Alexander Dziadosz; Editing by Michael Shields)

Orascom Dev to invest 100 mln stg in eco town-paper