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EQS-Adhoc: 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.

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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, 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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674607  16-Apr-2018 CET/CEST

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