Orascom Development Holding AG: Board of Directors approved the voluntary delisting of all Egyptian Depositary Receipts of the company from the Egyptian Exchange

Tuesday, 27 December 2016

Orascom Development Holding AG: Board of Directors approved the voluntary delisting of all Egyptian Depositary Receipts of the company from the Egyptian Exchange

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous

27-Dec-2016 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR

Press Release

Orascom Development Holding AG: Board of Directors approved the voluntary delisting of all Egyptian Depositary Receipts of the company from the Egyptian Exchange

Altdorf, 27 December 2016 - The Board of Directors of Orascom Development Holding AG (ODH) approved the voluntary delisting of all Egyptian Depositary Receipts (EDRs) from the Egyptian Exchange on 26 December 2016, subject to obtaining all necessary regulatory approvals, based on the authorization granted to it by the Annual General Meeting on 18 May 2015 to take decisions on the listing or delisting on any stock exchange outside of Switzerland.
 
The decision to delist aims to increase the free float and improve the liquidity of the company's shares on the SIX Swiss Exchange where ODH maintains its primary listing and remove the inconsistencies resulting from the listing of both the EDRs and the shares of ODH's largest subsidiary in Egypt, Orascom Hotels and Development (OHD), on the Egyptian Exchange, which should potentially enhance the liquidity and trading volumes of the shares of OHD. 
 
Based on the Board of Directors' approval the company will proceed to make the required filings and work with the authorities in Egypt and Switzerland to obtain all necessary approvals to complete the delisting of the EDRs.
 

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

 

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End of ad hoc announcement