Orascom Development Holding AG

  • ISIN: CH0038285679
  • Land: Schweiz

Nachricht vom 05.08.2020 | 23:42

Orascom Development Holding AG sells a land plot in El Gouna for a total value of CHF 6.4 million, through its largest subsidiary in Egypt, Orascom Development Egypt (ODE)

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

05-Aug-2020 / 23:42 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 (ODH) sells a land plot in El Gouna for a total value of CHF 6.4 million, through its largest subsidiary in Egypt, Orascom Development Egypt (ODE)

Altdorf, 5 August 2020 - The Group is continuing to execute successfully on its strategic notion of accelerating the monetization of its land bank and has thus signed a land sale agreement with "Mangroovy for Hotels". Under the agreement, "Mangroovy for Hotels" will buy 40,654.5 m2 of land in El Gouna, as an extension for its project. The land plot will encompass different types of services to serve residences and guests. The total value of the deal is CHF 6.4 million* (EGP 104.8 million). The land plot is located within the vicinity of the Mangroovy Residence project and considered an integral part of the overall development.

Abdelhamid Abouyoussef, ODH's Executive Committee member commented: "This transaction concurs with the Group's strategy of identifying strategic uses for its land bank, while speeding up its monetization and unlocking its hidden value to the market."


*EGP/CHF rate used as of 30 June 2020.

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.




Contact:
Contact Investor Relations
Sara El Gawahergy +2 01 205 20 52 18
ir@orascomdh.com

Contact Media Relations
media@orascomdh.com


End of ad hoc announcement

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