Orascom Development Holding AG

  • ISIN: CH0038285679
  • Land: Schweiz

Nachricht vom 09.01.2019 | 07:00

Orascom Development Holding AG: entered into an agreement with Samih Sawiris for the potential purchase of 1% and one share of Andermatt Swiss Alps (ASA) within the next two years.

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

09-Jan-2019 / 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

Orascom Development Holding entered into an agreement with Samih Sawiris for the potential purchase of 1% and one share of Andermatt Swiss Alps (ASA) within the next two years.

Altdorf, January 9, 2019 - Orascom Development Holding's (Orascom Development) strategy introduced in 2016 bears fruit and resulted in operational improvements in all destinations. In the next phase, shortening the timeline to profitability is the objective. As part of this strategic focus, Orascom Development entered into an agreement with its Chairman Samih Sawiris pursuant to which Orascom Development may buy 1% and one share of Andermatt Swiss Alps AG (ASA) from Samih Sawiris. The agreement is valid until 31st December 2020. As a condition precedent prior to the execution of the agreement, Samih Sawiris would need to forgive CHF 150 million in debt that ASA currently owes him. This would further enhance ASA's equity position in the form of a capital contribution. Samih Sawiris currently owns 51% of ASA while Orascom Development Holding holds 49%. If the purchase is executed Orascom Development would hold 50% plus one share in ASA.

The transaction would take place at a purchase price of CHF 3.2 million, valuing ASA equity at CHF 320 million. This enterprise value was determined by way of an independent third-party valuation.

Chairman Samih Sawiris said: "I am content by how far the destination has developed over the past 10 years and I would like to thank the team for the hard work and perseverance on executing the masterplan that was designed a decade ago." CEO Khaled Bichara added: "I believe that Andermatt Swiss Alps is now poised on the right track of scalability which can be witnessed from its improved operational performance."

 

 

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
Mob: +41 79 156 78 49 
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

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