Orascom Development Holding AG
Orascom Development Holding AG: Makadi Heights Company receives notification from the Egyptian Tourism Development Authority (TDA) regarding reduction of land plot for development.
Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Ad hoc announcement pursuant to Art. 53 LR. Makadi Heights Company receives notification from the Egyptian Tourism Development Authority (TDA) regarding reduction of land plot for development. Altdorf, 26 January 2022 – On 25 January 2022, Makadi Heights for Tourism Development Company (Makadi Heights), an indirect subsidiary of Orascom Development Holding (ODH), received a letter from the Egyptian Tourism Development Authority (TDA) regarding its 3.75 million square meter (sqm) land plot located in the Makadi area. In its letter, the TDA informed Makadi Heights of a reduction of the 3.75 million sqm land previously allocated to Makadi Heights for development by 1.75 million sqm. Thus, the total remaining land allocated for development would stand at 2.0 million square meters. The 1.75 million sqm land plot has a book value of CHF 700,000 and represents 1.72% of the total land bank of the Orascom Development group, which is comprised of 101.4 million sqm of land as of the end of 2021. The 3.75 million sqm land area was acquired in 2009 by virtue of an allocation decree and the price of the land was paid in full. ODH intends to file a formal petition requesting reconsideration of the TDA’s decision to preserve the company’s rights and will continue to update its shareholders and the market on any relevant developments as they occur. About Orascom Development Holding (ODH): Disclaimer & Cautionary Statement 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 |
EQS News ID: | 1272778 |
End of Announcement | EQS News Service |