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
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.
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.
Disclaimer & Cautionary Statement
End of ad hoc announcement
|Company:||Orascom Development Holding AG|
|Phone:||+41 41 874 17 17|
|Fax:||+41 41 874 17 07|
|Listed:||SIX Swiss Exchange|
|End of Announcement||EQS Group News Service|