Orascom Development Holding AG

  • ISIN: CH0038285679
  • Land: Schweiz

Nachricht vom 16.04.2018 | 07:00

Orascom Development Holding AG: Free float in the Egyptian subsidiary Orascom Development Egypt (ODE) increased through sale of shares to strategic investors.

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous

16-Apr-2018 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.


Press Release

Free float in the Egyptian subsidiary Orascom Development Egypt (ODE) increased through sale of shares to strategic investors.

Altdorf, April 16, 2018 - Orascom Development Holding (ODH) is pleased to announce that in line with the Group's strategy of enhancing its balance sheet and increasing the liquidity of the stock of its listed Egyptian subsidiary Orascom Development Egypt (ODE), ODH has successfully sold c. 18.2 million shares of ODE to a set of strategic investors through an accelerated book building process. The sale was executed on April 15, 2018.


The proceeds of the sale of c. CHF 33.3 million will be used to finance the Group's expansion plans in Oman and Montenegro for the year, further diversifying the revenue contribution coming from our different destinations.


CEO Khaled Bichara commented: "We are continuing to execute on our three-pillar strategy and this sale comes in line with our second pillar "strengthening our balance sheet" and in parallel increases the liquidity of ODE's stock. As previously communicated, this stake sale together with the 2.0% ESOP program that ODE will implement during 2018, will thus reduce ODH's stake in ODE to 74.59% allowing us to reach our 25% target free float goal for ODE.


The successful execution of both transactions concludes the plans of ODH's board regarding the reduction of ODH's stake in ODE and there are no plans for a further sell-down in the foreseeable future."

 

About Orascom Development Holding (ODH):

Orascom Development Holding (ODH) is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development's diversified portfolio of destinations is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates ten destinations; five in Egypt (El Gouna, Taba Heights, Fayoum Makadi, and Harram City), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. The shares of Orascom Development Holding (ODH) are listed on the SIX Swiss Exchange.


Contact for Investors:
Sara El Gawahergy

Head of Investor Relations
Tel: +202 246 18961
Tel: +41 418 74 17 11
Email: ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch
 

Disclaimer & Cautionary Statement

The information contained in this e-mail, its attachment and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. Certain statements in this e-mail and the attached news release may be forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Orascom Development Holding's plans and objectives to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in our key markets; (ii) performance of financial markets; (iii) levels of interest rates and currency exchange rates; and (vii) changes in laws and regulations and in the policies of regulators may have a direct bearing on Orascom Development Holding's results of operations and on whether Orascom Development Holding will achieve its targets. Orascom Development Holding undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted, that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser.



End of ad hoc announcement

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