Orascom Development Holding AG
EQS-Adhoc: Orascom Development Holding AG: signs a three years' rental agreement for EUR 3.3 million per annum with FTI Group for 3 hotels in Makadi through its Egyptian subsidiaries.
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Orascom Development Holding AG: signs a three years' rental agreement for EUR
3.3 million per annum with FTI Group for 3 hotels in Makadi through its Egyptian
subsidiaries.
17.10.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
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Press Release
Orascom Development Holding signs a three years' rental agreement for EUR 3.3
million per annum with FTI Group for 3 hotels in Makadi through its Egyptian
subsidiaries.
Cairo, 17 October 2016 - Orascom Development Holding is pleased to announce the
signing of a 3 years' rental agreement through its Egyptian subsidiaries with
FTI Group, for three of its hotels in Makadi.
FTI is the fourth largest tour operator in Germany with over 5.3 million
Passengers (PAX) and consolidated revenues of EUR 2.6 BN in FY14/15. The company
employs over 6,000 staff worldwide and offers a wide range of services
associated with holiday and travel.
Royal Azur (491 rooms), Club Azur (339 rooms), and Makadi Gardens (281 rooms),
will be rented for a total amount of EUR 3.3 million per annum and subject to an
annual increase of 5%. It is worth noting that two of those hotels were shut
down since December 2015 as a result of the travel bans imposed by the Russian
authority.
The agreement's start date is set on the 1st of November 2016. Rental payments
are scheduled quarterly in equal instalments.
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 seven
destinations; three in Egypt El Gouna, Taba Heights and Makadi, The Cove in
United Arab Emirates, Jebel Sifah and Salalah Beach in Oman 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 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 News EQS Group News Service
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511067 17.10.2016