Orascom Development Holding AG
DGAP-Adhoc: Orascom Development successfully completes the sale of a 15% stake of its Egyptian subsidiary, Orascom Hotels and Development (OHD). The offering was oversubscribed 3.8x and generated EGP 506.1 million (approximately USD 70.7 million, CHF ...
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Orascom Development successfully completes the sale of a 15% stake of its Egyptian subsidiary, Orascom Hotels and Development (OHD). The offering was oversubscribed 3.8x and generated EGP 506.1 million (approximately USD 70.7 million, CHF 69.9 million) 05.01.2015 / 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- Press Release Orascom Development successfully completes the sale of a 15% stake of its Egyptian subsidiary, Orascom Hotels and Development (OHD). The offering was oversubscribed 3.8x and generated EGP 506.1 million (approximately USD 70.7 million, CHF 69.9 million) Altdorf/Cairo, 5 January 2015 - Orascom Development Holding (ODH) announces the completion of subscription in the public offering of its Egyptian subsidiary OHD, through the sale of 33,294,349 shares at a price of EGP 15.20 (approximately USD 2.12, CHF 2.10) per share. The offering generated EGP 506.1 million (approximately USD 70.7 million, CHF 69.9 million) in total proceeds for the Group. As a result of strong investor demand, ODH elected to proceed with the sale of a 15% stake in OHD, which is the top end of the range approved by ODH's Board of Directors. The offering comprised a tranche of 22,196,233 shares (equivalent to a 10% stake in OHD) that was marketed exclusively to qualified investors (the "private placement"), and a tranche of 11,098,116 shares (equivalent to a 5% stake in OHD) for public subscription (the "public offering"). Total bids received for the private placement and public offering tranches were approximately EGP 1.25 billion and EGP 667 million respectively. This translates to an oversubscription of 3.7x and 4.0x the private placement and public offering tranches respectively. In total, the offering generated approximately EGP 1.92 billion (approximately USD 267.9 million, CHF 264.8 million) in bids, which is equivalent to an oversubscription of 3.8x. Execution of the transaction was completed on Sunday January 4th, 2015, and the first day of resumption of trading of OHD's shares [ORHD.CA] on the Egyptian Stock Exchange (EGX) is expected to be on Tuesday January 6th, 2015. This transaction marks the return of OHD's active trading on the EGX since 2008. OHD is the prime high-end resorts developer in the region and the owner of El Gouna, Taba Heights and Makadi Bay resorts, with a land bank of 45.9 million sqm and 24 hotels with a total of 6,039 rooms, hosting the premier leisure real estate in Egypt on the Red Sea coast. The Group was advised by CI Capital and Beltone investment banks as joint lead arrangers and book runners on this transaction. 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 eight jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates seven destinations; three in Egypt El Gouna, Taba Heights, and Makadi, The Cove in United Arab Emirates , Jebel Sifah and Salalah Beach in Oman and Andermatt in Switzerland. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange. Contact for Investors: Sara El Gawahergy Director of Investor Relations Tel: +20 100 218 56 51 Tel: +41 418 74 17 11 Email: ir@orascomdh.com Contact Media Relations media@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. End of ad hoc announcement --------------------------------------------------------------------- 05.01.2015 News transmitted by EQS Schweiz AG. www.eqs.com - news archive: http://switzerland.eqs.com/de/News The issuer is responsible for the contents of the release. --------------------------------------------------------------------- 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: Foreign Exchange(s) SIX End of News EQS Group News-Service --------------------------------------------------------------------- 309799 05.01.2015