Orascom Development Holding AG / Key word(s): AGM/EGM/AGM/EGM
Press Release: Annual General Meeting approves all proposals of the Board of Directors
Altdorf, 8 May 2018 - The 10th Annual General Meeting of Orascom Development Holding AG (was held today in Altdorf, Switzerland. In total, 233 shareholders participated in the Annual General Meeting.
All proposals put forward by the Board of Directors were approved by clear majorities.
All members of the Board of Directors stood for re-election and were elected for another one-year term of office. The shareholders also approved the proposal of the Board of Directors to expand the Nomination & Compensation Committee of the Company by electing Naguib S. Sawiris as an additional member.
In line with the Board of Directors' proposal, the shareholders resolved to reduce the nominal value of the Company's shares from CHF 23.20 to CHF 5.00 each and to allocate the aggregate amount of the capital reduction to the Company's capital contribution reserves.
About Orascom Development Holding:
Orascom Development Holding (ODH) 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 (ODH) are listed on the SIX Swiss Exchange.
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|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|