Orascom Development Holding AG
DGAP-Adhoc: Orascom Development Holding AG: establishes a new hotels asset management subsidiary.
Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous 04.11.2013 17:32 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Press Release Orascom Development establishes a new hotels asset management subsidiary. Orascom Development establishes a joint venture with Abouyoussef, a tourism specialized entrepreneur and the owner of 1,600 hotel rooms across Egypt to asset manage all the Group's hotels. Altdorf/Cairo, 4 November 2013 - In line with the company's strategy of optimizing internal processes, enhancing performance and increasing efficiency, Orascom Development is establishing a joint venture with Abdelhamid Abouyoussef under the name of 'Orascom Hotels Management' (OHM) to asset manage the entire Group's hotels. The company will be 75% owned by Orascom Development and 25% owned by Abdelhamid Abouyoussef who will also be the Managing Partner of OHM. The new established company OHM will be an additional tool to optimize value in the hotels business segment, utilizing Abdelhamid's hotels management experience and know-how to further strengthen the segment's capacity and performance. Abdelhamid Abouyoussef holds a bachelor degree in mechanical engineering from the American University in Cairo and a master's degree from the University of California at Berkeley with 15 yrs of experience in the fields of hotel construction and management. Abouyoussef is an owner of 1,600 hotel rooms throughout Egypt (Sharm El Sheikh, Marsa Alam, Alamein and the Baharia Oasis in the western desert) and of a travel agency handling over 100,000 tourists per year. About Orascom Development Holding AG Orascom Development 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 nine jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro, United Kingdom and Romania), with primary focus on touristic destinations and budget housing. The Group currently operates six destinations; three in Egypt El Gouna, Taba Heights and Haram City, The Cove in United Arab Emirates and Jebel Sifah and Salalah Beach in Oman. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange. Investor Relations Contacts Sara El-Gawahergy Investor Relations Director Tel: +0100 218 5651 Email: ir@orascomdh.com 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 AG'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 AG's results of operations and on whether Orascom Development Holding AG will achieve its targets. Orascom Development Holding AG 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. Contact: Contact Investor Relations Sara El Gawahergy +2 01 205 20 52 18 ir@orascomdh.com Contact Media Relations media@orascomdh.com +++++ Additional features: Document: http://n.equitystory.com/c/fncls.ssp?u=PJSNBBPEJI Document title: Orascom Development establishes a new hotels asset management subsidiary. 04.11.2013 News transmitted by EQS Schweiz AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: Orascom Development Holding AG Gotthardstraße 12 6460 Altdorf Switzerland Phone: +41 41 874 17 17 Fax: +41 41 874 17 07 E-mail: ir@orascomdh.com Internet: www.orascomdh.com ISIN: CH0038285679 Valor: A0NJ37 Listed: SIX End of Announcement EQS Group News-Service ---------------------------------------------------------------------------