Orascom Development Holding AG

DGAP-Adhoc: Orascom Development Holding AG: Orascom Development's largest subsidiary in Egypt, Orascom Hotels and Development (OHD), appoints new Executive Chairman

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

03.07.2014 07:00

Release of an ad hoc announcement pursuant to Art. 53 KR
---------------------------------------------------------------------------

Press Release

Orascom Development's largest subsidiary in Egypt, Orascom Hotels and
Development (OHD), appoints new Executive Chairman

Altdorf/Cairo, 3 July 2014 - The board of directors of Orascom Hotels and
Development (OHD), Orascom Development's largest subsidiary in Egypt, has
appointed Dr. Manal Hussein Abdel Razek as the new Executive Chairman of
the board of OHD. As a result of this appointment, Eng. Aly El Hitamy will
step down as Chairman and Chief Executive Officer of OHD and move to become
the Chairman and Chief Executive officer of Red Sea for Construction
Company, the entity responsible for all construction activities of Orascom
Development in Egypt. Eng. El Hitamy will maintain his position as Head of
International Construction in Orascom Development. The board as well as the
Executive Management of OHD likes to thank him for his efforts, and wish
him every success in his new role. The announced changes will be effective
as of October 1st 2014.

Born in Egypt, Dr. Abdel Razek, 49, has been the advisor to the chairman of
Orascom Development since September 2013 on several projects. For more than
20 years she has served in the Egyptian governmental sector, amongst others
as Deputy Minister of Finance and Head of the Budgeting Committee from 2004
to 2013, and as Deputy Minister of Trade from 2003 to 2004 and advisor to
the Minister of Economy from 1997 to 2001. Furthermore, she has been
appointed by presidential decree as member of the Shura Consultative
Council (upper house of the Egyptian parliament) from 2004 to 2011 whereby
she has been instrumental in most of the economic reforms by being a member
in the Economic and Financial affairs committee in the council.

She has also been appointed chairman of e-finance, the Egyptian market
leader in the field of electronic payment solutions, and has served on the
board of companies with interests in banking, aviation, tourism, transport
and telecommunication.

Dr. Abdel Razek holds a B.Sc. in Mass Communication with honors from Cairo
University and an MA in Public Administration from the American University
in Cairo where she was awarded the Frank Wisner Award for her outstanding
thesis. In 2008, she received a PhD in Public Administration, with highest
honors, from the Faculty of Economics and Political Science, Cairo
University.

The board of OHD and the Executive Management of Orascom Development are
highly confident that Dr. Abdel Razek will add a lot of value to OHD due to
her vast management experience and strong regional network.

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 and
budget housing. 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.

Contact for Investors:
Sara El Gawahergy
Director of Investor Relations
Tel: +20 224 61 89 61
Tel: +41 418 74 17 11
Email: ir@orascomdh.com

Contact Media Relations
media@orascomdh.com

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 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.


03.07.2014 News transmitted by EQS Schweiz AG.
The issuer is responsible for the contents of the release.

EQS publishes regulatory releases, media releases on the capital
market and press releases.
The EquityStory Group distributes authentic and real-time financial news
for over 1'300 listed companies.
The Swiss news archive can be found at www.equitystory.ch/news

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

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

End of Announcement                             EQS Group News-Service

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

 

 


Weitere Meldungen: Orascom Development Holding AG

Das könnte Sie auch interessieren: