Orascom Development Holding AG
EQS-Adhoc: Orascom Development Holding AG: through its largest subsidiary in Egypt, Orascom Development Egypt (ODE), to enter into a partnership with New Urban Communities Authority (NUCA) to develop 1,000 feddan (approx. 4.2 million sqm) in West Cair...
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Orascom Development Holding AG: through its largest subsidiary in Egypt, Orascom
Development Egypt (ODE), to enter into a partnership with New Urban Communities
Authority (NUCA) to develop 1,000 feddan (approx. 4.2 million sqm) in West
Cairo, marking its first foray into the First Home Market.
10-Apr-2018 / 06:58 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), through its largest subsidiary in Egypt,
Orascom Development Egypt (ODE), to enter into a partnership with New Urban
Communities Authority (NUCA) to develop 1,000 feddan (approx. 4.2 million sqm)
in West Cairo, marking its first foray into the First Home Market.
Altdorf, April 10, 2018 - As per the provisions of the Settlement Agreement
concluded between Orascom Housing Communities (OHC) and NUCA, Orascom
Development Egypt (ODE) will establish a new company to be named «Orascom Real
Estate» (ORE). ODE will own 70% of ORE's issued capital and the remaining 30%
will be owned by Samih Sawiris.
Following its establishment, ORE will enter into a Revenue Share Agreement with
NUCA to develop 1,000 feddan (approx. 4.2 million sqm) in West Cairo. As
stipulated in the Settlement Agreement, the Revenue Share Agreement should be
finalized within a period of one month.
Once the Revenue Share Agreement is final, ODH will update the market with all
relevant information.
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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672717 10-Apr-2018 CET/CEST