Orascom Development Holding AG

  • ISIN: CH0038285679
  • Land: Schweiz

Nachricht vom 07.05.2019 | 07:00

Orascom Development Holding AG: enters into long-term collaboration with CEO Khaled Bichara.

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

07-May-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 AG enters into long-term collaboration with CEO Khaled Bichara.


Altdorf, 7 May 2019 - Orascom Development Holding AG (ODH) concluded a new employment contract with CEO Khaled Bichara, retroactively replacing the previous contract as of 1 January 2019. The contingent remuneration accrued under the old contract will be settled by a one-off lump-sum payment of CHF 3 million, which can be paid in cash or shares at the discretion of the Board of Directors. The new agreement is subject to approval by today's Annual General Meeting and the related proposed increase of the maximum compensation of the Executive Committee for the 2019 financial year.
 

In addition to a fixed gross annual salary and any discretionary cash bonus, the new indefinite contractual relationship includes a share-based compensation component. The share-based compensation will take the form of restricted share awards, which provide for a staggered allocation of a total of 2.5% of the outstanding ODH shares over five years. It is subject to forfeiture provisions in the event of a premature termination of the contractual relationship.


Notwithstanding the staggered allocation over the next five years, the share-based compensation of the CEO must be approved in its entirety by the shareholders as part of the total compensation of the Executive Management for the current fiscal year. The Board of Directors will therefore propose to today's Annual General Meeting, under agenda item 5.3, an increase in the maximum remuneration of Executive Management for the 2019 financial year approved by last year's Annual General Meeting.


At the same time, Khaled Bichara will be awarded 2.5% of the outstanding ODH shares in a private transaction from the holdings of majority shareholder Samih Sawiris. These shares are subject to a five-year lock-up period.


Samih Sawiris, Chairman of ODH, said: "I am very pleased that our CEO Khaled Bichara will collaborate with the company in the long term in the interest of all shareholders. He is doing an excellent job and I am convinced that the upward trend seen since 2017 will continue under his leadership in a sustained and accelerated manner. As an important shareholder, he will do everything in his power to achieve this".


CEO Khaled Bichara commented: "It has been exciting three years leading ODH and working with a competent, young and energized team on promising projects around the world. I am honored and grateful to have been asked by the chairman and the board to continue in my role on a long-term basis. Making ODH the leading private town developer in the world will continue to guide us in our mission."
 


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 nine destinations; four in Egypt (El Gouna, Taba Heights, Fayoum and Makadi Heights), 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 & Strategic Projects Management
Tel: +202 246 18961
Tel: +41 418 74 17 11
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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