Orascom Development Holding AG
DGAP-Adhoc: Orascom Development Holding AG: Orascom Development appoints new Country CEO of Oman and Head of Destination Management Egypt
Orascom Development Holding AG / Key word(s): Restructure of Company 11.06.2013 17:45 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Press Release Orascom Development appoints new Country CEO of Oman and Head of Destination Management Egypt Effective immediately Hamza Selim, currently Chief Destination Management Officer, has been appointed as new CEO of Muriya, Orascom Development's subsidiary in Oman. The assignment underlines the Group's intention to expand its operations in Oman in the next couple of years. As a result of the change, Mr. Selim resigns from the Executive Management of Orascom Development. Moreover Amin Serag, since eight years with the Group, has been appointed Head of Destination Management Egypt to strengthen the local management team. Altdorf/Cairo, 11 June 2013 ( the current Chief Destination Management Officer of Orascom Development Holding AG (Orascom Development), Hamza Selim, has been appointed CEO of Muriya, the Group's subsidiary in the Sultanate of Oman. Hamza Selim joined Orascom Development in 2005. In his most recent position as Segment Head Destination Management he was responsible for the daily business of the Group's operating towns in Egypt and Oman. Mr. Selim was a former member of the Board of Directors of Muriya, the joint venture between Orascom Development (70% stake) and Omran (30% stake), a government-owned company that develops several tourism destinations in Oman. In his new position Mr. Selim will be in charge for the country organization in Oman which includes the operating towns Jebel Sifah and Salalah Beach as well as other development projects. As a result of his appointment, Mr. Selim will resign from the Executive Management team of Orascom Development. Additionally, Amin Serag was appointed Head of Destination Management Egypt which includes among others the towns El Gouna on the Red Sea and Taba Heights on the Sinai Peninsula. Mr. Serag remains head of Orascom Development and Management, a wholly-owned subsidiary of Orascom Development that offers development and management expertise for third-parties in addition to managing Makadi, one of the Group's destinations located near Hurghada. Amin Serag has 18 years of experience in the fields of Real Estate, Construction, Maintenance, and Property Management and held several executive positions in well-established and multi-national companies before joining Orascom Development eight years ago. 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 nine jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro, United Kingdom and Romania). The Group currently operates six destinations; three in Egypt El Gouna, Taba Heights and Haram City, The Cove in United Arab Emirates and Jebel Sifah and Salalah Beach in Oman. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange. Investor and Media Contact Till Leisner Head of Group Controlling & Investor Relations Tel: +41 41 874 88 07 Email: ir@orascomdh.com or 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. 11.06.2013 News transmitted by EQS Group AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- 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 Swiss Security Number: A0NJ37 Listed: SIX End of Announcement EquityStory News-Service ---------------------------------------------------------------------------