Orascom Development Holding AG

  • ISIN: CH0038285679
  • Land: Schweiz

Nachricht vom 14.12.2020 | 07:00

Orascom Development Holding AG largest subsidiary in Egypt, Orascom Development Egypt (ODE) Board of Directors convened to approve the sale of its stake in 'New City Housing & Development' formerly 'Orascom Housing Communities' for an amount of CHF 7.3mn

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

14-Dec-2020 / 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's largest subsidiary in Egypt, Orascom Development Egypt (ODE) Board of Directors convened to approve the sale of its stake in "New City Housing & Development" formerly "Orascom Housing Communities" for an amount of CHF 7.3 million.

Altdorf, December 14, 2020 - Orascom Development Holding (ODH) is pleased to announce that its largest subsidiary in Egypt, Orascom Development Egypt (ODE) Board of Directors held on December 13, 2020; approved the sale of its 35.25% stake in "New City Housing & Development" previously known as Orascom Housing Communities (OHC) a subsidiary of Orascom Development Egypt (ODE), for an amount of CHF 7.3 million.

The divestment of this non-core asset comes in line with our continued execution of our strategy to optimize our portfolio and will enable us to further prioritize and reinforce efforts in our core business areas.

New City Housing & Development previously known as Orascom Housing Communities (OHC) is the first Egyptian company to focus on the development of high-quality affordable housing units within sustainable and fully integrated townships in Egypt. New City Housing & Development owns two projects. The first was launched in 2007 the project is located in 6th of October, 20 km west of Cairo, and spans over approximately 2.60 million m2 of land, and is now home to more than 40,000 residents. As a truly integrated development, offering a comprehensive community facility including schools, clinics, worship houses, sporting facilities among many other amenities. The second project spans over 0.8 million m2 of land in the Qena Governorate, Upper Egypt, and provides a high-quality affordable housing unit.

About Orascom Development Holding (ODH):

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. ODH's diversified portfolio of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and Andermatt in Switzerland. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located on the Sixth of October City.


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 and 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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