Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
30-May-2017 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
Orascom Development Holding Ltd: Completion of Delisting of the Egyptian Depositary Receipts
Altdorf/Cairo, 30 May 2017 - Following the delisting approval issued by the Listing Committee of the Egyptian Exchange (EGX) on the 24th of May 2017, Orascom Development Holding (ODH) has successfully completed the previously announced delisting of the company's Egyptian Depositary Receipts (EDRs) from the EGX. The majority of the EDR holders have chosen to swap their EDRs into shares of ODH that had previously been underlying the EDRs and only 9.9% out of the 189,123,620 EDRs were tendered to the company for repurchase at a price of EGP 5.25 (CHF 0.29) per EDR or CHF 5.79 per ODH share (1 ODH share is underlying 20 EDRs). The ODH shares remain listed at the SIX Swiss Exchange.
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 a primary focus on touristic destinations. The Group currently operates ten destinations; Five in Egypt (El Gouna, Taba Heights, Makadi, Byoum and Harram City), The Cove in United Arab Emirates, Jebel Sifah and Salalah Beach in Oman, Lustica 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
Contact for Media Relations:
Dynamics Group AG
Tel: +41 432 68 32 35
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 Hotels and Development'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 Hotels and Development's results of operations and on whether Orascom Hotels and Development will achieve its targets. Orascom Hotels and Development 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