Orascom Development Holding AG: Annual General Meeting approves all Board of Directors proposals

Orascom Development Holding AG  / Key word(s): AGM/EGM

07.05.2012 20:00

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

Press Release

Orascom Development:
Annual General Meeting approves all Board of Directors proposals

Altdorf/Cairo, 7 May 2011 - The fourth Annual General Meeting of Orascom
Development Holding AG (Orascom Development) was held today in Altdorf,
Switzerland. 354 shareholders took part in the Meeting.

All proposals put forward by the Board of Directors were approved by a
clear majority. All members of the Board of Directors (with the exception
of Amr Sheta) stood for re-election and were confirmed in their office for
a further year. Furthermore, it was decided not to distribute any dividend
for the financial year 2011. 

The fifth Annual General Meeting of Orascom Development Holding AG will
take place on 13 May 2013.


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

Information and Explaination of the Issuer to this News:

About the Group
 
Orascom Touristic Establishments (OTE) was established in 1989 setting the
first step in building the Group's track record in the development of
integrated towns. After some name changes and reorganization, the main
business was held under Orascom Hotels & Development (OHD). Since the
settlement of the public exchange offer by Orascom Development for OHD in
May 2008, Orascom Development Holding AG (Orascom Development) became the
new parent of OHD. Orascom Development has a dual listing, with a primary
listing on the SIX Swiss Exchange and a secondary listing on the EGX
Egyptian Exchange. 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 nine jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland,
Morocco, Montenegro, United Kingdom and Romania). The Group currently
operates five destinations; El Gouna, Taba Heights and Haram City in Egypt,
The Cove in United Arab Emirates and Jebel Sifah in Oman.

Contacts Investor Relations 
Till Leisner      
Head of Group Controlling & Investor Relations   
Tel: +41 41 874 88 07

Mamdouh Abdel Wahab      
Director Investor Relations
Egypt Mobile: +41 79 846 55 60

Email: ir@orascomdh.com 

   
Media office
Philippe Blangey
Tel: +41 41 874 17 11
Email: 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.



07.05.2012 News transmitted by EquityStory AG. 
The issuer is responsible for the contents of the release.

EquityStory 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 11
Fax:                    +41 41 874 17 12
E-mail:                 ir@orascomdh.com
Internet:               www.orascomdh.com
ISIN:                   CH0038285679
Swiss Security Number:  A0NJ37
Listed:                 SIX
 
End of Announcement                             EquityStory News-Service
 
---------------------------------------------------------------------------