Orascom Development Holding AG
EQS-Adhoc: Orascom Development Holding AG: Annual General Meeting approves all proposals of the Board of Directors
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): AGM/EGM/AGM/EGM
Orascom Development Holding AG: Annual General Meeting approves all proposals of
the Board of Directors
08-May-2018 / 17:41 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
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Press Release: Annual General Meeting approves all proposals of the Board of
Directors
Altdorf, 8 May 2018 - The 10thAnnual 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.
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.
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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
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683851 08-May-2018 CET/CEST