Orascom Development Holding AG
EQS-Adhoc: Orascom Development Holding AG (ODH) has successfully completed the sale of its Egyptian Hotel 'Citadel Azur Hotel' for an Enterprise Value of USD 50.0 million as part of the Group's strategy to monetize its non-core assets.
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Orascom Development Holding AG (ODH) has successfully completed the sale of its
Egyptian Hotel 'Citadel Azur Hotel' for an Enterprise Value of USD 50.0 million
as part of the Group's strategy to monetize its non-core assets.
03-May-2018 / 07:00 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 AG (ODH) has successfully completed the sale of its
Egyptian Hotel "Citadel Azur Hotel" for an Enterprise Value of USD 50.0 million
as part of the Group's strategy to monetize its non-core assets.
Altdorf, May 3, 2018 - In line with the Group's strategy of enhancing its
balance sheet, Orascom Development Holding AG (ODH) is pleased to announce the
sale of its 100% stake in its 514 rooms hotel "Citadel Azur" located in Sahl
Hashish, Egypt, to "Pickalbatros Group" (the buyer) for an enterprise value (EV)
of USD 50.0 million.
The sale will result in cash proceeds of USD 32.0 million and the
deconsolidation of USD 18.0 million of debt. Proceeds of the sale will be used
to fund ODH's expansion plans in its destinations outside of Egypt.
CEO Khaled Bichara commented: "I am pleased to announce the conclusion of
Citadel Azur Hotel sale for an enterprise value of USD 50.0 million. This sale
confirms our continuous execution of our three-pillar strategy and reiterates
our earlier message to the market that this Group owns many assets with
substantial value, which are not adequately reflected in our stock price."
CI Capital Investment Banking acted as our exclusive financial advisor and White
& Case acted as our legal advisor on this transaction.
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 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 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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681813 03-May-2018 CET/CEST