Orascom Development Holding AG

  • ISIN: CH0038285679
  • Land: Schweiz

Nachricht vom 25.02.2015 | 07:00

Orascom Development Holding AG: signs a preliminary contract with the Government of Montenegro for the long-term lease of the 'Lastavica Island' with the 'Mamula Fortress' in the Bay of Kotor, Montenegro.


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

2015-02-25 / 07:00
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 signs a preliminary contract with the Government of Montenegro for the long-term lease of the "Lastavica Island" with the "Mamula Fortress" in the Bay of Kotor, Montenegro.

Altdorf/Cairo, 25 February 2015 -Orascom Development Holding AG (ODH) and Montenegro's Minister of Sustainable Development and Tourism, Mr. Branimir Gvozdenović, signed in Podgorica, Montenegro, a preliminary contract for the long-term lease of the "Lastavica Island" with the "Mamula Fortress" which is located in the Bay of Kotor, Montenegro (the "Mamula Project").

The preliminary contract which is currently pending approval from the Parliament of Montenegro, as well as the final confirmation from the Government, provides for a 49-year lease period. The investment in the Mamula Project is planned to take place via a joint venture company for which financing has been fully secured between Mr. Samih O. Sawiris and ODH.

The Mamula Project's location at the entrance of the Bay of Kotor is very strategic to ODH's Lustica Bay Project in Montenegro, ultimately creating several synergies between the two destinations. It will be the first and only island "hotel/spa/leisure" destination in Montenegro and as a flagship destination it will highly contribute to ODH's Lustica Bay Project. Furthermore, it will also provide as an exclusive beach get-away resort to Lustica Bay's residents and guests.

Once the Parliament of Montenegro approves the long-term lease contract, the project should be implemented within 18 months after the construction permit is obtained. The project will definitely add to the economic benefits of Montenegro as it is expected to create around 200 new jobs and bring EUR 7.5 million of revenue for the Montenegrin state over a 15-year period.

 

About Orascom Development Holding AG

Orascom Development 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 eight jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates seven destinations; three in Egypt El Gouna, Taba Heights, and Makadi, The Cove in United Arab Emirates , Jebel Sifah and Salalah Beach in Oman and Andermatt in Switzerland. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange.

Contact for Investors:
Sara El Gawahergy
Director of Investor Relations
Tel: +20 100 218 56 51
Tel: +41 418 74 17 11
Email: ir@orascomdh.com

Contact Media Relations
media@orascomdh.com

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 AG'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 AG's results of operations and on whether Orascom Development Holding AG will achieve its targets. Orascom Development Holding AG 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


2015-02-25 News transmitted by EQS Schweiz AG. www.eqs.com - news archive: http://switzerland.eqs.com/de/News

The issuer is responsible for the contents of the release.



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