Orascom Development Holding AG / Key word(s): AGM/EGM
07.05.2012 20:00

Release of an ad hoc announcement pursuant to Art. 53 KR

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Press Release

Orascom Development:
Annual General Meeting approves all Board of Directors proposals
Altdorf/Cairo, 7 May 2011 - The fourth Annual General Meeting of Orascom Development Holding AG (Orascom Development) was held today in Altdorf, Switzerland. 354 shareholders took part in the Meeting.
All proposals put forward by the Board of Directors were approved by a clear majority. All members of the Board of Directors (with the exception of Amr Sheta) stood for re-election and were confirmed in their office for a further year. Furthermore, it was decided not to distribute any dividend for the financial year 2011. 

The fifth Annual General Meeting of Orascom Development Holding AG will take place on 13 May 2013.

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Information and Explaination of the Issuer to this News:
About the Group
 
Orascom Touristic Establishments (OTE) was established in 1989 setting the first step in building the Group's track record in the development of integrated towns. After some name changes and reorganization, the main business was held under Orascom Hotels & Development (OHD). Since the settlement of the public exchange offer by Orascom Development for OHD in May 2008, Orascom Development Holding AG (Orascom Development) became the new parent of OHD. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange. 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 nine jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro, United Kingdom and Romania). The Group currently operates five destinations; El Gouna, Taba Heights and Haram City in Egypt, The Cove in United Arab Emirates and Jebel Sifah in Oman.
Contacts Investor Relations 
Till Leisner      
Head of Group Controlling & Investor Relations   
Tel: +41 41 874 88 07

Mamdouh Abdel Wahab      
Director Investor Relations
Egypt Mobile: +41 79 846 55 60

Email: ir@orascomdh.com 

   
Media office
Philippe Blangey
Tel: +41 41 874 17 11
Email: 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.


07.05.2012 News transmitted by EquityStory AG. 
The issuer is responsible for the contents of the release.
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Language:               English
Company: Orascom Development Holding AG                         Gotthardstraße 12
                        6460 Altdorf
                        Switzerland
Phone:                  +41 41 874 17 11
Fax:                    +41 41 874 17 12
E-mail:                 ir@orascomdh.com
Internet:               www.orascomdh.com
ISIN:                   CH0038285679
Swiss Security Number:  A0NJ37
Listed:                 SIX
 
End of Announcement EquityStory News-Service  

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