Orascom Development Holding AG
EQS-Adhoc: Orascom Development Holding AG: Board of Directors approved the voluntary delisting of all Egyptian Depositary Receipts of the company from the Egyptian Exchange
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Orascom Development Holding AG: Board of Directors approved the voluntary
delisting of all Egyptian Depositary Receipts of the company from the Egyptian
Exchange
27-Dec-2016 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
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Press Release
Orascom Development Holding AG: Board of Directors approved the voluntary
delisting of all Egyptian Depositary Receipts of the company from the Egyptian
Exchange
Altdorf, 27 December 2016- The Board of Directors of Orascom Development Holding
AG (ODH) approved the voluntary delisting of all Egyptian Depositary Receipts
(EDRs) from the Egyptian Exchange on 26 December 2016, subject to obtaining all
necessary regulatory approvals, based on the authorization granted to it by the
Annual General Meeting on 18 May 2015 to take decisions on the listing or
delisting on any stock exchange outside of Switzerland.
The decision to delist aims to increase the free float and improve the liquidity
of the company's shares on the SIX Swiss Exchange where ODH maintains its
primary listing and remove the inconsistencies resulting from the listing of
both the EDRs and the shares of ODH's largest subsidiary in Egypt, Orascom
Hotels and Development (OHD), on the Egyptian Exchange, which should potentially
enhance the liquidity and trading volumes of the shares of OHD.
Based on the Board of Directors' approval the company will proceed to make the
required filings and work with the authorities in Egypt and Switzerland to
obtain all necessary approvals to complete the delisting of the EDRs.
About Orascom Development Holding
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 a
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
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.
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End of ad hoc announcement------------------------------------------------------
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 Swiss Exchange
End of Announcement EQS Group News Service
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532941 27-Dec-2016 CET/CEST