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Orascom Development Holding AG

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EQS-Ad-hoc News vom 17.06.2019

Orascom Development Holding AG: largest subsidiary in Egypt, Orascom Development Egypt (ODE) concludes its sale of Tamweel Group and will receive CHF 18.5 million in cash proceeds.

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

17-Jun-2019 / 18:30 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: largest subsidiary in Egypt, Orascom Development Egypt (ODE) concludes its sale of Tamweel Group and will receive CHF 18.5 million in cash proceeds.


Altdorf, June 17, 2019 - Orascom Development Holding (ODH) announces that its largest subsidiary in Egypt, Orascom Development Egypt (ODE) has concluded has concluded the sale of its 87% equity stake in Tamweel Group for a total valuation of ca. CHF 20 million to Ebtikar (a joint venture between MM Group for Industry and International Trade S.A.E and B Investments Holding S.A.E), TCV1 and Acquire for Investment S.A.E.

The share transfer has been executed after obtaining all necessary approvals and ODE will now start receiving the CHF 18.5* million cash proceeds.

The cash proceeds resulted from the sale is geared towards our earlier communicated debt reduction plan, which entails further reducing our outstanding debt balance in 2019 and thus enhancing our balance sheet.
 

*1 CHF= 16.88 EGP

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:[email protected]

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: [email protected]
 

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.



End of ad hoc announcement

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