Orascom Development Holding AG
EQS-Adhoc: Orascom Development Holding AG: Completion of Delisting of the Egyptian Depositary Receipts
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Orascom Development Holding AG: Completion of Delisting of the Egyptian
Depositary Receipts
30-May-2017 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
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Press Release
Orascom Development Holding Ltd: Completion of Delisting of the Egyptian
Depositary Receipts
Altdorf/Cairo, 30 May 2017- Following the delisting approval issued by the
Listing Committee of the Egyptian Exchange (EGX) on the 24thof May 2017, Orascom
Development Holding (ODH) has successfully completed the previously announced
delisting of the company's Egyptian Depositary Receipts (EDRs) from the EGX. The
majority of the EDR holders have chosen to swap their EDRs into shares of ODH
that had previously been underlying the EDRs and only 9.9% out of the
189,123,620 EDRs were tendered to the company for repurchase at a price of EGP
5.25 (CHF 0.29) per EDR or CHF 5.79 per ODH share (1 ODH share is underlying 20
EDRs). The ODH shares remain listed at the SIX Swiss Exchange.
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 seven jurisdictions (Egypt,
UAE, 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, Byoum and Harram City), The Cove
in United Arab Emirates, Jebel Sifah and Salalah Beach in Oman, Lustica Bay in
Montenegro and Andermatt in Switzerland. The shares of Orascom Development
Holding 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 Hotels and Development'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 Hotels and Development's results of operations
and on whether Orascom Hotels and Development will achieve its targets. Orascom
Hotels and Development 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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578405 30-May-2017 CET/CEST