DGAP-Adhoc
Orascom Development Holding AG: Orascom Development Holding (ODH) filed with the Egyptian Stock Exchange (EGX) to offer 10-15% of its Egyptian subsidiary, Orascom Hotels and Development (OHD).
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Corporate Action/Corporate Action
Orascom Development Holding AG: Orascom Development Holding (ODH)
filed with the Egyptian Stock Exchange (EGX) to offer 10-15% of its
Egyptian subsidiary, Orascom Hotels and Development (OHD).
11.12.2014 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
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Press Release
Orascom Development Holding (ODH) filed with the Egyptian Stock Exchange
(EGX) to offer 10-15% of its Egyptian subsidiary, Orascom Hotels and
Development (OHD).
ODH's Board of Directors approved the offering of 10 to 15% of its Egyptian
subsidiary, Orascom Hotels and Development (OHD) at a total equity value
of EGP 3.37 billion (approximately USD 470 million or CHF 455 million), to
reactivate its trading on the Egyptian Stock Exchange (EGX) and comply with
its listing rules and regulations. The 10-15% will be sold at a
consideration of EGP 15.20 (approximately USD 2.12, CHF 2.06) per share.
This offering comes as part of the Group's monetization efforts, the
proceeds of which shall be re-injected into OHD to support its ongoing
operations and deleverage its balance sheet.
The Group has mandated CI Capital and Beltone investment banks as joint
lead arrangers and book runners on this transaction. The necessary
documentation and pricing has been filed with the EGX and is awaiting final
approval.
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 a 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: +20 224 61 89 61
Tel: +41 418 74 17 11
Email: ir@orascomdh.com
Press Release
Orascom Development Holding (ODH) filed with the Egyptian Stock Exchange
(EGX) to offer 10-15% of its Egyptian subsidiary, Orascom Hotels and
Development (OHD).
ODH's Board of Directors approved the offering of 10 to 15% of its Egyptian
subsidiary, Orascom Hotels and Development (OHD) at a total equity value
of EGP 3.37 billion (approximately USD 470 million or CHF 455 million), to
reactivate its trading on the Egyptian Stock Exchange (EGX) and comply with
its listing rules and regulations. The 10-15% will be sold at a
consideration of EGP 15.20 (approximately USD 2.12, CHF 2.06) per share.
This offering comes as part of the Group's monetization efforts, the
proceeds of which shall be re-injected into OHD to support its ongoing
operations and deleverage its balance sheet.
The Group has mandated CI Capital and Beltone investment banks as joint
lead arrangers and book runners on this transaction. The necessary
documentation and pricing has been filed with the EGX and is awaiting final
approval.
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 a 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: +20 224 61 89 61
Tel: +41 418 74 17 11
Email: ir@orascomdh.com
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