DGAP-Adhoc: Orascom Development & Management, a subsidiary of Orascom Development, agrees to terminate a development management agreement with Nasr City Housing
Orascom Development Holding AG / Key word(s): Contract
16.01.2012 06:55
Release of an ad hoc announcement pursuant to Art. 53 KR
Press Release
Orascom Development & Management, a subsidiary of Orascom
Development,
agrees to terminate a development management agreement with
Nasr City
Housing
Altdorf/Cairo, 16 January 2012 - Orascom Development Holding
AG (Orascom
Development) announces that a joint decision was reached
between Orascom
Development & Management and Nasr City Housing, an Egyptian
listed real
estate company, to mutually terminate the development
agreement for Tigan
primary residence project, in light of the recent changes in
the real
estate industry and the unsuitable timing to launch a huge
and luxurious
housing project on a 3.5 million square meter of land.
Information and Explaination of the Issuer to this News:
About the Group
Orascom Development Holding AG (Orascom Development) is a
leading developer
of fully integrated towns that include hotels, private villas
and
apartments, leisure facilities such as golf courses, marinas
and supporting
infrastructure. Orascom Development's diversified
portfolio of projects is
spread over nine jurisdictions, with primary focus on
touristic towns and
recently affordable housing.
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,
Orascom Development became the new parent of OHD. Orascom
Development has a
dual listing, with a primary listing on the main board of the
SIX Swiss
Exchange (ISIN: CH0038285679) and a secondary listing on the
EGX Egyptian
Exchange (ISIN: EGG676K1D011). In December 2009, the Group
modified its
secondary listing on the EGX. While the Group's shares
had previously been
trading on both the SIX and the EGX in Swiss Francs, Orascom
Development at
that time procured the issuance and listing of Egyptian
Depositary Receipts
(EDRs; each EDR representing 1/20 of the Group's share)
which are currently
trading on the EGX in Egyptian pounds. The objective of this
modification
is to improve trading and liquidity on the EGX.
Today, Orascom Development operates in nine jurisdictions
(Egypt, Jordan,
UAE, Oman, Switzerland, Morocco, United Kingdom, Montenegro
and Romania)
and is continuously seeking development opportunities in
untapped yet
attractive locations all over the world. The Group has four
existing
projects: El Gouna, the flagship project, a fully-fledged
town on the Red
Sea coast (Egypt). Taba Heights, on the Sinai Peninsula
(Egypt), is the
Group's second tourism destination following El
Gouna's business model. The
Cove (Ras Al Khaimah, UAE) is the Group's first
development experience
outside Egypt. Haram City, an integrated town dedicated to
affordable
housing in Egypt, catering for the mass population.
For further information, please contact:
Orascom Development Holding AG
Mamdouh Abdel Wahab
Director Investor Relations
Tel: +41 79 846 55 60
+20 122 315 32 00
Email: ir@orascomdh.com
Orascom Development Holding AG
Swiss Media Office
Philippe Blangey
Tel: +41 41 874 17 11
Email: media@orascomdh.com
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16.01.2012 News transmitted by EquityStory AG.
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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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