Orascom Development Holding AG: Extraordinary General Meeting approves Board of Directors' proposal to delist Egyptian Depositary Receipts

Wednesday, 01 March 2017

Orascom Development Holding AG: Extraordinary General Meeting approves Board of Directors' proposal to delist Egyptian Depositary Receipts

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

01-March-2017 / 11:59 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR

Press Release

Extraordinary General Meeting approves Board of Directors' proposal to delist Egyptian Depositary Receipts

Altdorf/Cairo, 1 March 2017 - The Extraordinary General Meeting of Orascom Development Holding AG today approved the Board of Directors' proposal regarding the voluntary delisting of the Egyptian Depositary Receipts (EDRs) from the Egyptian Exchange. The Board of Directors called the meeting in accordance with the requests of the relevant authorities in Egypt to present to the shareholders of the company the proposal to approve the delisting.

Based on the Extraordinary General Meeting's approval the company will proceed to undertake all further actions required to complete the delisting of the EDRs.

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 eight jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates eight destinations; four in Egypt El Gouna, Taba Heights, Haram City 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. ODH owns 84.64% of Orascom Hotels and Development, its largest Egyptian based subsidiary listed on the EGX Egyptian Exchange.

Investor Relations Contacts

Sara El-Gawahergy
Head of Investor Relations
Tel: +20 100 2185651
Tel: +41 41 874 17 11
Email: [email protected]

Contact for Media Relations:
Philippe Blangey
Dynamics Group AG
Tel: +41 432 68 32 35
Email: [email protected]

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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.

End of ad hoc announcement