Orascom Development Holding AG
DGAP-Adhoc: Orascom Development Holding AG: New ad interim CFO
Orascom Development Holding AG / Key word(s): Change of Personnel 15.07.2013 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Press Release Board member Eskandar Tooma takes over CFO duties on an ad-interim basis Altdorf/Cairo, 15 July 2013 - The Board of Directors of Orascom Development Holding AG (Orascom Development) accepted the request of Ahmed El Shamy to be released from his duties as CFO and member of the Executive Management effective 31 August 2013 due to health reasons. The decision follows a recent car accident and multiple surgeries which require an extended recovery period. As of 1 September 2013, Eskandar Tooma, current member of the Board of Directors of Orascom Development, will take over the CFO duties on an ad-interim basis. Eskandar Tooma (35) is a Canadian-Egyptian double citizen, professor of Finance and a former Executive of Orascom Development. During the last six years, Mr. Tooma was responsible for several capital market and corporate finance related activities on Group level and played a leading role in the listing on the SIX Swiss Exchange in 2008, the capital increase in 2010 and Orascom Hotels & Development's tender offer in 2011. As a finance expert he holds several Board positions at the Group's subsidiaries in Egypt and Oman. In his new function as interim CFO, Mr. Tooma will remain member of the Board of Orascom Development, but will resign from the Audit Committee effective immediately. The Board of Directors thanks Ahmed El Shamy for his efforts and valuable contributions during the last year and wishes him a fast recovery and all the best for his future career. 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), with primary focus on touristic destinations and budget housing. 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 Relations Contacts 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. 15.07.2013 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 Valor: A0NJ37 Listed: SIX End of Announcement EquityStory News-Service ---------------------------------------------------------------------------