Financial news

DGAP-Adhoc: Orascom Development Holding AG: Free float in the Egyptian subsidiary Orascom Development Egypt (ODE) increased through sale of shares to strategic investors. (english)

16/04/2018 - 07:00


Orascom Development Holding AG: Free float in the Egyptian subsidiary Orascom Development Egypt (ODE) increased through sale of shares to strategic investors.

^
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Orascom Development Holding AG: Free float in the Egyptian subsidiary
Orascom Development Egypt (ODE) increased through sale of shares to
strategic investors.

16-Apr-2018 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

Press Release

Free float in the Egyptian subsidiary Orascom Development Egypt (ODE)
increased through sale of shares to strategic investors.

Altdorf, April 16, 2018 - Orascom Development Holding (ODH) is pleased to
announce that in line with the Group's strategy of enhancing its balance
sheet and increasing the liquidity of the stock of its listed Egyptian
subsidiary Orascom Development Egypt (ODE), ODH has successfully sold c.
18.2 million shares of ODE to a set of strategic investors through an
accelerated book building process. The sale was executed on April 15, 2018.


The proceeds of the sale of c. CHF 33.3 million will be used to finance the
Group's expansion plans in Oman and Montenegro for the year, further
diversifying the revenue contribution coming from our different
destinations.


CEO Khaled Bichara commented: "We are continuing to execute on our
three-pillar strategy and this sale comes in line with our second pillar
"strengthening our balance sheet" and in parallel increases the liquidity of
ODE's stock. As previously communicated, this stake sale together with the
2.0% ESOP program that ODE will implement during 2018, will thus reduce
ODH's stake in ODE to 74.59% allowing us to reach our 25% target free float
goal for ODE.


The successful execution of both transactions concludes the plans of ODH's
board regarding the reduction of ODH's stake in ODE and there are no plans
for a further sell-down in the foreseeable future."

About Orascom Development Holding (ODH):

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, Lutica Bay in Montenegro and Andermatt in
Switzerland. The shares of Orascom Development Holding (ODH) 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
Email: ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch

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
Development Holding'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's results of operations
and on whether Orascom Development Holding will achieve its targets. Orascom
Development Holding 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

---------------------------------------------------------------------------

   Language:    English
   Company:     Orascom Development Holding AG
                Gotthardstraße 12
                6460 Altdorf
                Switzerland
   Phone:       +41 41 874 17 17
   Fax:         +41 41 874 17 07
   E-mail:      ir@orascomdh.com
   Internet:    www.orascomdh.com
   ISIN:        CH0038285679
   Valor:       A0NJ37
   Listed:      SIX Swiss Exchange



   End of Announcement    EQS Group News Service
---------------------------------------------------------------------------

674607 16-Apr-2018 CET/CEST

°

Weiterführende Inhalte

Weiterführende Inhalte