Orascom Development Holding AG
EQS-Adhoc: Orascom Development Holding AG: Orascom Development Egypt (ODE) signs contract for sale of its stake in Tamweel Group at a total equity valuation of c. CHF 20 million.
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Orascom Development Holding AG: Orascom Development Egypt (ODE) signs contract
for sale of its stake in Tamweel Group at a total equity valuation of c. CHF 20
million.
24-May-2018 / 18:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
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Press Release
Orascom Development Holding (ODH): Orascom Development Egypt (ODE) signs
contract for sale of its stake in Tamweel Group at a total equity valuation of
c. CHF 20 million.
Altdorf, May 24th, 2018 -Orascom Development Holding (ODH) through its Egyptian
subsidiary Orascom Development Egypt (ODE) has signed the sale contract of all
of its stake of 87% in Tamweel Group (comprising the four companies Tamweel
Mortgage Finance Company, Tamweel for Financial Leasing Company, Tahseel For
Collection and Call Center Services and Overseas Insurance Brokerage) at a total
equity valuation of the equivalent of c. CHF 20 million.
The stake was sold to a consortium composed of Ebtikar for Financial Investment
Company S.A.E (owned by MM Group for Industry and International Trade (MTI)
S.A.E and BPE Holding for Financial Investments S.A.E.), TCV and Acquire for
Investment.
This transaction is in line with the Group's strategy of enhancing the balance
sheet and will enable ODE to deconsolidate the related debt of Tamweel Group
which stood at CHF 59.2 million as of 31 March 2018.
The finalization of the sale is subject to the approval of ODE's Board of
Directors and its General Assembly, along with all the necessary approvals from
the Financial Regulatory Authority.
EFG-Hermes Investment Banking acted as ODE's exclusive financial advisor on this
transaction.
About Orascom Development Holding (ODH):
Orascom Development Holding (ODH) 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 primary focus on touristic destinations. The Group currently
operates ten destinations; five in Egypt (El Gouna, Taba Heights, Fayoum Makadi,
and Harram City), The Cove in the United Arab Emirates, Jebel Sifah and Hawana
Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. The
shares of Orascom Development Holding (ODH) 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 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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689321 24-May-2018 CET/CEST