Orascom Development Holding AG

Orascom Development Egypt provides update regarding O West

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Orascom Development Holding AG: Orascom Development Egypt provides update regarding O West 23-March-2023 / 18:29 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR.

Press Release

Orascom Development Holding AG: Orascom Development Egypt provides update regarding O West

Altdorf, 23 March 2023 – On 25 October 2022, Orascom Development Egypt (ODE), Orascom Development Holding AG's largest Egyptian subsidiary, announced that it had received a preliminary non-binding offer (NBO) from Sixth of October Development and Investment Company S.A.E (SODIC) for the acquisition of the entire share capital of ODE’s subsidiary Orascom for Real Estate S.A.E. (ORE), the owner of O West project. ODE currently owns 70% of ORE.

Today, ODH announces that ODE and SODIC have mutually decided to discontinue discussions on a potential acquisition of ORE and the O West project by SODIC.

ODH continues to be fully committed to the development of O West and creating a fully integrated town in the heart of the city of 6th of October. O West plans to deliver more than 1,000 residential units during 2023 and to launch the first phase of the O West Sports Club.

 

 

About Orascom Development Holding (ODH):

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. ODH's diversified portfolio of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), 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 ODH are listed on SIX Swiss Exchange. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located in the Sixth of October City.