Orascom Development Holding AG
EQS-Adhoc: Orascom Development Holding expands Executive Management
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Orascom Development Holding expands Executive Management
06-March-2017 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
--------------------------------------------------------------------------------
Press Release
Orascom Development Holding expands Executive Management
Altdorf/Cairo, 6 March 2017 - The Board of Directors of Orascom Development
Holding AG (ODH) has resolved on 5 March 2017 to expand the Executive Management
of ODH effective 1 April 2017. Ashraf Nessim has been appointed as Chief
Financial Officer and an Executive Management member after having already served
in this function on an ad interim basis since May 2016.
Nermine Faltas, Group Chief Human Resources & Organization Development Officer,
and Tarek Gadallah, Group General Counsel, have also been appointed as members
of the Executive Management.
Prior to joining ODH in June 2016, Nermine Faltas served as the VP for
Operations and Human Capital in A15 (previously Orascom Telecom Ventures). Tarek
Gadallah previously was a partner at Egyptian law firm Ibrachy & Partners,
focusing mainly on mergers and acquisitions, before joining ODH in November
2016.
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 ten
destinations; five in Egypt El Gouna, Taba Heights, Makadi, Fayoum and Haram
City, The Cove in United Arab Emirates, Jebel Sifah and Salalah Beach in Oman,
Lustica Bay in Montenegro 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 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------------------------------------------------------
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
--------------------------------------------------------------------------------
550439 06-March-2017 CET/CEST